Americas News
ConocoPhillips Moves Against PDVSA Caribbean Oil Storage Facilities
US oil firm ConocoPhillips is poised to take over the Caribbean assets of beleagured Venezuelean oil company PDVSA, according to Reuters.
The move against PDVSA is an attempt to enforce a $2 billion arbitration award stemming from the nationalisation of ConocoPhillips' projects in Venezuela, the report said citing sources familiar with the case.
The US firm has targeted facilities on the islands of Curacao, Bonaire and St. Eustatius.
PDVSA has significant assets in the Caribbean including on Bonaire, where it owns the 10-million-barrel BOPEC terminal that handles logistics and fuel shipments to customers, particularly in Asia; in Aruba, where PDVSA and its unit, Citgo, lease a refinery and a storage terminal; and on the island of St Eustatius, where it rents storage tanks at the Statia terminal.
Venezuelan assets belonging to ConocoPhillips were nationalised ten years ago under the administration of President Hugo Chavez.
