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World Bank snubs Venezuela on oil dispute

WASHINGTON, March 13 (UPI) -- The World Bank said it won't reconsider Venezuela's request to review last year's decision against it for seizing assets of ConocoPhillips in 2007.

Venezuelan energy company Petroleos de Venezuela, known as PDVSA, said a 2013 ruling it failed to act in good faith in talks to compensate Conoco for assets seized in 2007 was unfair.

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The World Bank's International Center for Settlement of Investment Disputes said Wednesday it was upholding the September decision.

"The majority of the tribunal concludes that it does not have the power to reconsider," the ruling states in part.

Former Venezuelan President Hugo Chavez in 2007 moved to put the state in control of several oil projects in 2007. PDVSA said the September decision for compensation was unjust and ICSID said in its ruling it would take that matter up "in due course."

There was no statement from PDVSA or Conoco on the ruling.

Venezuelan oil production has declined steadily since Chavez took office in 1999. The Organization of Petroleum Exporting Countries said Wednesday production from member state Venezuela has held steady at around 2.3 million barrels of oil per day, but was down marginally from February.

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