ConocoPhillips says PDVSA agreed to pay $2 bn to settle dispute
Venezuela has agreed to pay a $2 billion settlement to US oil giant ConocoPhillips, to stop the seizure of the South American nation's assets, the American firm announced Monday. PDVSA, the state oil company once the crown jewel of Venezuela's now imploding economy, will make initial payments of $500 million over the next 90 days, ConocoPhillips said in a statement. In return, ConocoPhillips said it agreed to halt the seizure of PDVSA's oil and assets in the Caribbean -- which it took over after Caracas failed to honor an April 25 ruling by an international arbitrator.