Conoco claims settlement with PDVSA for recovery of $2 bln

ConocoPhillips has said it has entered into a settlement with Petroleos de Venezuela (PDVSA) to recover around $2 billion following a judgement by the International Chamber of Commerce.

PDVSA has agreed to recognise the judgment and will make payments amounting to around $500 million within 90 days of the signing of the agreement, Conoco said.