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November 26, 2018 8:20 am
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Updated on November 26, 2018 08:45
Venezuela has reached a $ 1.2 billion deal with Crystallex International Corp. to prevent Citgo Petroleum Corp in the United States from being confiscated by a creditor. Reuters
Regulations Suspend Court Order Imposing on Canadian Mining Company to Take Control of Citgo in Compensation Settled in an Arbitral Award to Venezuela, Increased to $ 1,400 Million .
Venezuela made an initial payment of $ 425 million, according to a submission to the Ontario Court of Justice, in which Crystallex has been operating since 2011 under the protection of creditors.
The country agreed to pay the remaining amount in installments early in 2021. If Venezuela does not accredit before January 10, Crystallex can resume the legal proceedings.
Crystallex and Venezuela reached an agreement last year in which the country maintained the payment agreement after transferring $ 75 million. The country expropriated a Crystallex gold mining project in 2011, which culminated in the decision of arbitration in 2016.
ConocoPhillips announced last October that it had received $ 345 million in cash and raw materials from PDVSA as part of a multi-payment agreement seeking a $ 2,000-million arbitration award.
With Reuters information
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