ConocoPhillips Can Seize $636 Million In Venezuela Assets: Court

May 14, 2018

 

Houston-based ConocoPhillips has gotten the go-ahead from a Curacao court to seize about $636 million in assets belonging to Venezuela’s state oil company PDVSA, according to the Caribbean media outlet Antilliaans Dagblad.

The move comes because of the 2007 nationalization of the U.S. oil major’s projects in Venezuela.

That nationalization resulted in a $2 billion arbitration award by the International Chamber of Commerce.

On Friday, Reuters reported that PDVSA was planning to “shut down the 335,000 barrel-per-day Isla refinery it operates in Curacao amid threats by Conoco to seize cargoes sent to resupply the facility.”