PDVSA moves to evade seizure

Venezuela

HOUSTON, May 9, 2018 – Venezuela’s PDVSA was forced to divert an oil tanker from Curacao after ConocoPhillips sought to seize its assets on the island, international media reported late on Tuesday.

The news came hours after the E&P giant sought to enforce a USD 2-billion award by a tribunal of the International Chamber of Commerce against Venezuela and PDVSA by asking a court to freeze PDVSA’s assets at the Isla refinery in Curacao, Reuters reported. The move could cripple about a third of PDVSA’s exports, the report added.

ConocoPhillips, which originally sought USD 33 billion in damages from Venezuela following a controversial expropriation programme implemented by the country’s populist government in the 2000s, is one of about 20 companies to file claims. Enforcement of the awards, however, has so far been elusive.