Venezuela could lose oil assets as a result of losing case brought by company whose assets it seized
ConocoPhillips seeks control of Venezula oil assets to settle $2b awardVenezuela has lost other cases for illegal taking assets of oil companies that used to operate in that country. Since taking the assets the Venezuelan government has not maintained them properly and has had to deal with shrinking production. Losing the Caribbean facilities would be another blow to the incompetent socialist government.
U.S. oil giant ConocoPhillips is pressing for control of Venezuela's key offshore operations in the Caribbean, seeking to recoup $2 billion from a decade-old dispute with the nation struggling to feed its people, a source confirmed Monday.
The Houston-based ConocoPhillips is asking a court in the Dutch Antilles for control of facilities that Venezuela's state-run oil firm PDVSA operates, a person familiar with the claim confirmed to The Associated Press. The person was not authorized to discuss the legal action.
PDVSA relies heavily on the facilities on the islands of Curacao, Bonaire and St. Eustatius used to refine and store Venezuela's heavy crude before shipment to the U.S., China and India, three major global markets.
Dozens of ships that transport oil pumped from Venezuela sat idle Monday docked in the country's ports, according to an online vessel-tracking website.