US oil firm seeking to take over Venezuela’s Caribbean assets | News


American oil firm ConocoPhillips has reportedly moved to take over the Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalisation of its projects in the South American country, according to three sources familiar with its actions.

According to US media outlet CNBC, ConocoPhillips is targeting facilities on the islands of Curacao, Bonaire and St. Eustatius, which 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 manoeuvres could further impair PDVSA’s…

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