Conoco Eyes PDVSA’s Caribbean Assets


ConocoPhillips has received court attachments for freezing the assets of Venezuelan PDVSA at two Caribbean facilities and might go on to sell them, Reuters reports, citing sources close to the developments.

The U.S. company was awarded compensation of US$2 billion by the court for the nationalization of its operations in Venezuela by the Hugo Chavez government. Yet this is just a fraction of what Conoco is seeking from PDVSA, which amounts to US$33 billion.

The processing, storage, and blending assets that Conoco is eyeing are located on three Caribbean islands—Curacao, Bonaire, and St. Eustatius—and account for about a quarter of the troubled Venezuelan state oil company’s annual oil exports.

If Conoco seizes them, this would deepen the woes of PDVSA, which is already suffering…

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