) on Tuesday filed a motion in a Delaware court seeking to seize shares in the parent of U.S. refiner Citgo Petroleum to collect on an arbitration award against Venezuelan state oil company PDVSA.
The International Chamber of Commerce last year awarded ConocoPhillips $2 billion as compensation for Venezuela’s 2007 takeover of its assets. Conoco said that PDVSA made some payments, but has not finished paying, giving it the right to enforce the award. In its filing, Conoco acknowledged that actually seizing the shares in Citgo parent PDV Holding would be “more complicated,” but argued that it should be entitled to the same treatment as Crystallex.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: EW - 🏆 713. / 51 Read more »