Conoco moves to take over Venezuelan PDVSA’s Caribbean assets: sources


HOUSTON/CARACAS (Reuters) – U.S. oil firm ConocoPhillips (COP.N) has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions.

FILE PHOTO: The logo of Venezuelan oil company PDVSA is seen on a tank at Isla refinery in Willemstad on the island of Curacao April 22, 2018. REUTERS/Andres Martinez Casares/File Photo

The U.S. firm targeted facilities on the islands of Curacao, Bonaire and St. Eustatius that play key roles in processing, storing and blending PDVSA’s oil for export. It received court attachments freezing the assets and could move to sell them, one of the sources said.

Conoco’s legal maneuvers could…

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