Venezuela Improperly Shorted Occidental Unit, Tribunal Says

Law360 (February 23, 2021, 7:52 PM EST) -- Venezuela wrongly directed dividends to a Brazilian investor to the detriment of an Occidental Petroleum unit, an international tribunal has ruled, though it denied the unit's other claims of unfair treatment. 

In a partial award published Saturday, the Permanent Court of Arbitration tribunal agreed with Anadarko Petroleum Corp. that Petroritupano SA, an oil and gas company incorporated in Venezuela in 2006, failed to pay it dividends for the years 2008 and 2009, even though Venezuela directed such payments to Brazilian investor Petrobras Argentina. 

The tribunal found that Venezuela therefore discriminated against Anadarko, the Occidental subsidiary which was incorporated in Barbados, in breach of...

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