sources – Kallanish Energy News


U.S. oil major ConocoPhillips (COP) has moved to take the Caribbean assets of Venezuela’s state-run PDVSA, to enforce a $2 billion arbitration award concerning the decade-oil nationalization of its projects in the South American country, three sources told Reuters.

The company has targeted facilities on the islands of Curacao, Bonaire and St. Eustatius that accounted for roughly 25% of Venezuela’s oil exports in 2017. The trio of facilities plays key roles in processing, storing and blending PDVSA’s oil for export, according to Reuters.

The company received court attachments freezing assets at least two of the facilities, and could move to sell them, one of the sources told Reuters.

ConocoPhillips’ legal maneuvers could further impact PDVSA’s declining oil revenue and the…

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