El Universal reported that Venezuela is not thinking about an out of court settlement with US oil company ConocoPhillips. Therefore, it will continue the arbitration faced for quite a few years with the US oil giant.

Mr Rafael Ramirez minister of petroleum and mining and president of state-run oil company Petroleos de Venezuela said that "No, we continue with the arbitration."

The most expensive arbitrations against Venezuela are with US oil companies Exxon Mobil and ConocoPhillips, which request remedy for more than USD 40 billion. The trials are well advanced.

Several decisions pending at the International Centre for Settlement of Investment Disputes could involve still more payment for compensation in 2012.

(Sourced from www.eluniversal.com)