• Oil prices up not because of Iran, you media liars. Conoco authorized t

    From Liberal Media Lies@21:1/5 to All on Sat May 12 23:18:15 2018
    XPost: sac.politics, alt.journalism, alt.politics.democrats
    XPost: soc.culture.venezuela

    WILLEMSTAD Reuters - - A Curacao court has authorized
    ConocoPhillips (COP.N) to seize about $636 million in assets
    belonging to Venezuela’s state oil company PDVSA due to the 2007 nationalization of the U.S. oil major’s projects in Venezuela.

    The legal action was the latest in the Caribbean to enforce a $2
    billion arbitration award by the International Chamber of
    Commerce (ICC) over the nationalization.

    The court decision, first reported by Caribbean media outlet
    Antilliaans Dagblad on Saturday, says Curacao can attach “oil or
    oil products on ships and on bank deposits.”

    Conoco and PDVSA [PDVSA.UL] did not immediately respond to
    requests for comment.

    Conoco earlier this month moved to temporarily seize PDVSA’s
    assets on Aruba, Bonaire, Curacao and St. Eustatius. That threw
    Venezuela’s oil export chain into a tailspin just as Venezuela’s
    crude production has crumbled to a more than 30-year low due to underinvestment, theft, a brain drain and mismanagement.

    Reuters reported on Friday that PDVSA was preparing 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

    PDVSA is also seeking ways to sidestep legal orders to hand over
    assets. The Venezuelan firm has transferred custody over the
    fuel produced at the Isla refinery to the Curacao government,
    the owner of the facility, according to two sources with
    knowledge of the matter.

    PDVSA transferred ownership of crude to be refined at Isla to
    its U.S. unit, Citgo Petroleum, one of the sources said.

    For the time being, PDVSA has suspended all oil storage and
    shipping from its Caribbean facilities and concentrated most
    shipping in its main crude terminal of Jose, which is suffering
    from a backlog.

    https://www.reuters.com/article/us-conocophilipps-pdvsa/conoco- authorized-to-seize-636-million-in-venezuela-pdvsa-assets- curacao-court-idUSKCN1ID0QP?il=0

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