00:00After the High Court of Trinidad and Tobago granted ConocoPhillips the right to enforce
00:05a $1.33 billion claim against Venezuelan companies for past expropriations, the court was today
00:13forced to convene a special hearing.
00:15That's because High Court Judge Frank Cipesan has been informed the order was not served
00:20upon defendants Petroleos de Venezuela, Corpo de Guanipa and Peravesa Petroleo.
00:26The ex parte order was issued to provide the Venezuelan companies an opportunity to be
00:31heard as to whether the order should be discharged.
00:35They were given seven days after being served to avail themselves of that opportunity.
00:41In coming to its determination, the court considered that a successful litigant is entitled
00:46to the spoils of his judgment and noted that neither the action nor the award occurred
00:51in Trinidad and Tobago.
00:53The court also noted the registration of the judgment debt in TNT can possibly affect
00:59the ongoing energy partnership discussion between TNT and Venezuela on the Dragon Gas Project.
01:06And while nothing prevents the registration of the award in TNT, natural justice mandates
01:12the other side should get an opportunity to be heard.
01:16Justice Cipesan said the court will not condone any abuse of its process, nor will it tolerate
01:21the issue ordered being held over the head of the defendants, like the Sword of Damocles.
01:27The defendants, he said, must be served within an identified time period or the court will
01:33discharge the issued order.
01:35When the claimants explained the order was not served as they were awaiting its translation,
01:41Justice Cipesan indicated that was not an acceptable position.
01:46The court further ordered the translated documents and the order be served by 4 p.m.
01:51on July 9 and gave the defendants until 4 p.m. on the 17th of July to file any application
01:59to set aside the order.
02:01After winning the arbitration award against Venezuela and its state oil company, Peravisa,
02:07Conoco has been seeking to enforce the rulings in different courts, including in the U.S.
02:12and the Caribbean.
02:14The order granted weeks ago gave the U.S. oil company the right to seize any compensation
02:19from Venezuela in its joint gas projects with Trinidad and Tobago.
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