Venezuela Reaches $700M Settlement With Eni

Law360, New York (February 19, 2008, 12:00 AM EST) -- Venezuela has reportedly agreed to pay Italian energy company Eni SpA $700 million to settle a dispute over the country’s nationalization of an Eni oil field in 2006.

The settlement amount was announced on Tuesday, after Eni revealed Friday that it had reached an agreement with the country over its Dacion oil field.

Italy’s largest oil and natural gas company said last week that it would receive a cash settlement equal to the “book value” of the oil field, but Venezuelan Oil Minister Rafael Ramirez later...
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