The Latest: World Bank says Venezuela must pay Conoco $8bn

The Latest: World Bank says Venezuela must pay Conoco $8bn

CARACAS, Venezuela(AP) — The Latest on the political crisis in Venezuela (all times local):

5:15 p.m.

An international arbitration tribunal is ruling that Venezuela must pay ConocoPhillips more than $8 billion as compensation for the government’s expropriation of the U.S. oil giant’s investments in Venezuela in 2007.

The World Bank‘s ICSID tribunal had ruled in 2013 that the expropriation of ConocoPhillips investments in two heavy crude oil projects violated international law.

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