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The American oil company Conoco Phillips intends to involve Citgo Petroleum, a refining unit in the United States of the Venezuelan oil company Pdvsa, in its legal battles to claim compensation of $ 2 billion obtained in arbitration for nationalization of its assets. Venezuela.
A Houston judge ruled last Thursday that the American oil producer could include Citgo in the lawsuit against Pdvsa for the transfer of assets in the Caribbean that, according to Conoco, are intended to thwart their attempts to keep the Pdvsa assets in Curacao, Reuters reported on its website. Citgo declined to make a statement, citing an ongoing litigation policy.
The US company is satisfied with the court's decision, said a spokesman in a statement. The company has not received any PDVSA payments for compensation and intends to pursue the case, he added.
The decision means another setback for the Venezuelan oil company, which is struggling to repay its debts. Conoco alleges that PDVSA transferred crude oil and fuels stored in the Isla refinery and in the Bullenbay terminal in Curaçao to Citgo, in order to prevent it from confiscating oil and to comply with the provisions of the Bedroom. International Commerce, in April this year, according to his presentation in a Houston court, which found that the domestic industry was violating the contracts of "illegal and uncompensated expropriation" of Conoco's investments in projects of heavy crude oil Hamaca and Petrozuata in Venezuela
Conoco's properties in Venezuela were expropriated in 2007, after the nationalization of President Hugo Chávez When the Venezuelan government took control of these assets, the two oil projects contributed a billion dollars per year to Conoco Phillips' net profit and produced 300,000 barrels of oil. gross per day, reported The Wall Street Journal at the time, which mentioned sources close to the case.
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