19 July 2007 20:47 [Source: ICIS news]
James Mulva, chairman, president and chief executive of ConocoPhillips, said compensation talks with the
Speaking to a business luncheon, Mulva said that the trend of resource nationalisation - most recently illustrated when
“Each producing country must decide how to best maximise its resources, and each country is different in its approach,” Mulva said.
He did not indicate any dollar figure that ConocoPhillips is anticipating for compensation, but the company has earlier valued its Venezuelan oil interests at $4.5bn (€3.24bn).
Mulva did not rule out seeking third-party intervention in the negotiations if they prove difficult.
“I think going to arbitration would be a last resort,” Mulva said.
($1 = €0.72)
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