Venezuela angered by ConocoPhillips move on Caribbean oil

Caracas (AFP) – Venezuela on Thursday strongly rejected the takeover of its Caribbean oil stocks by ConocoPhillips, after the US company enforced a $2 billion international arbitration award last month.

Caracas’ oil ministry said it “strongly rejects the actions taken by the US firm ConocoPhillips to take the assets of the Venezuelan state oil company in the Caribbean.”

A ConocoPhillips source said the company was enforcing the award at four locations in the Caribbean, without specifying the facilities affected.

Press reports said the affected assets are in Curacao, Bonaire and Saint Eustace.

ConocoPhillips was awarded $2 billion in an April 25 decision of the International Chamber of Commerce against Venezuela’s state oil company PDVSA over the 2007 government takeover of two of the company’s…

Read More

*** This news item is 3rd party content and is included strictly for non-commercial informational purposes.