ConocoPhillips Seizes PDVSA Caribbean Assets

Reuters is reporting that U.S. oil major ConocoPhillips has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao.


Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under late leader Hugo Chavez.


“PDVSA products from the installations of the Isla refinery have been confiscated. We don’t have any way to get them,” Reuters quoted Steven Martina, Curacao’s minister for economic development, as telling the news agency. Martina did not provide Reuters with any information on the amount or value of the seized products. Conoco and PDVSA did not immediately respond to requests for…

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