ConocoPhillips (NYSE:COP) Stock Rises After Favorable Court Ruling
ConocoPhillips (COP) stock is trending higher in Tuesday''s pre-market trading session in reaction to a favorable court ruling in the Venezuelan asset seizure matter. ConocoPhillips is a multinational oil and gas company. A U.S. court has upheld the World Bank tribunal’s multibillion-dollar award to ConocoPhillips against Venezuela. In 2007, Venezuela seized ConocoPhillips’ stakes in three oil projects in the country. The forceful takeover happened as part of the nationalization of certain industries during the time of the now late former President Hugo Chavez. The company challenged Venezuela’s action and the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) sided with it.
ConocoPhillips (NYSE:COP) Stock Rises After Favorable Court Ruling
ConocoPhillips (COP) stock is trending higher in Tuesday''s pre-market trading session in reaction to a favorable court ruling in the Venezuelan asset seizure matter. ConocoPhillips is a multinational oil and gas company. A U.S. court has upheld the World Bank tribunal’s multibillion-dollar award to ConocoPhillips against Venezuela. In 2007, Venezuela seized ConocoPhillips’ stakes in three oil projects in the country. The forceful takeover happened as part of the nationalization of certain industries during the time of the now late former President Hugo Chavez. The company challenged Venezuela’s action and the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) sided with it.