Tag Archives: PDVSAs

PDVSA’s oil sales to U.S. bounced in June; Caribbean stocks drained


Venezuelan crude sales to the United States recovered in June from May as state-run PDVSA exported more of its diluted oil to its customers and drained inventories from two Caribbean islands affected by assets seizures, according to Thomson Reuters data.

PDVSA exports have declined in recent months due to a stubborn tanker backlog around Venezuela’s main ports and its fast-declining crude output, which has stopped the firm from complying with supply contracts to almost all of its customers.

Legal actions against PDVSA by U.S. producer ConocoPhillips aimed to satisfy a $2 billion arbitration award also have recently worsened the bottleneck as the Venezuelan firm is no longer fully using its Caribbean terminals to store and export.

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Conoco to depose Citgo in hunt for PDVSA’s Caribbean assets | News


By Liz Hampton

HOUSTON (Reuters) – ConocoPhillips moved to bring Venezuelan PDVSA’s U.S. refining unit Citgo Petroleum into its legal battles to enforce a $2 billion arbitration award against the South American country’s nationalization of its Venezuelan assets.

A U.S. district court judge in Houston on Thursday ruled Conoco can depose Citgo as preparation for a court case against PDVSA and others over alleged asset transfers in the Caribbean that Conoco claims were designed to frustrate its efforts to obtain payment under an International Chamber of Commerce (ICC) award.

Citgo declined to comment, citing a policy regarding ongoing litigation.

Conoco is pleased with the court’s decision, spokesman Daren Beaudo said in a…

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Caribbean Business – 8 Things To Know About The PDVSA’s Caribbean Link


Petroleos de Venezuela Headquarters.

By NAN Business Editor

News Americas, NEW YORK, NY, Fri. May 11, 2018: The big news on the business front this week in the Americas was that U.S. oil firm ConocoPhillips moved to take up the 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. So what’s the PDVSA and how is it linked to the Caribbean? Here are 8 fast facts:

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1: PDVSA stands for Petróleos de Venezuela, S.A. and is Venezuela’s state-owned oil and natural gas company founded on January 1, 1976 with the nationalization of the South American nation’s oil industry.

2: Since its founding, it has dominated the oil industry of Venezuela in exploration,…

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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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Conoco moves against PDVSA’s Caribbean assets


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Exclusive: Conoco moves to take over Venezuelan PDVSA’s Caribbean assets – sources | News


By Marianna Parraga and Deisy Buitrago

HOUSTON/CARACAS (Reuters) – U.S. oil firm ConocoPhillips 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.

The U.S. firm targeted facilities on the islands of Curacao, Bonaire and St. Eustatius that accounted for about a quarter of Venezuela’s oil exports last year. The three play key roles in processing, storing and blending PDVSA’s oil for export.

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

Conoco’s legal…

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