Conoco authorized to seize $636 million in Venezuela PDVSA assets | News


WILLEMSTAD Reuters – – A Curacao court has authorized ConocoPhillips to seize about $636 million in assets belonging to Venezuela’s state oil company PDVSA due to the 2007 nationalization of the U.S. oil major’s projects in Venezuela.

The legal action was the latest in the Caribbean to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC) over the nationalization.

The court decision, first reported by Caribbean media outlet Antilliaans Dagblad on Saturday, says Curacao can attach “oil or oil products on ships and on bank deposits.”

Conoco and PDVSA [PDVSA.UL] did not immediately respond to requests for comment on the decision, which was seen by Reuters and dated May 4.

Conoco earlier this month…

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