News – Argus Media

Venezuela hints at ConocoPhillips settlement

Caracas, 11 May (Argus) — Venezuela is indicating that it is prepared to settle a debt dispute with ConocoPhillips after the US independent took physical control of state-owned PdV’s Bopec storage terminal at Bonaire early today and filed court orders in Aruba and Curacao to embargo PdV’s assets on those islands.

ConocoPhillips imposed the pre-judgment attachments on the Dutch Caribbean assets in an effort to force PdV to pay $2bn in compensation that it was ordered to pay by the International Chamber of Commerce last month.

The liens on the ABC island assets, which handle over 16pc of Venezuela’s oil exports, severely restrict PdV’s capacity to load the VLCCs that it normally uses to ship crude to China and India, making it nearly impossible to…

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