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Conoco to depose Citgo in hunt for PDVSA's Caribbean assets
Source: Reuters
BUSINESS NEWS JULY 5, 2018 / 6:40 PM / UPDATED 22 MINUTES AGO
Conoco to depose Citgo in hunt for PDVSA's Caribbean assets
Liz Hampton
2 MIN READ
HOUSTON (Reuters) - ConocoPhillips (COP.N) moved to bring Venezuelan PDVSA’s U.S. refining unit Citgo Petroleum into its legal battles to enforce a $2 billion arbitration award against the South American country’s nationalization of its Venezuelan assets.
A U.S. district court judge in Houston on Thursday ruled Conoco can depose Citgo as preparation for a court case against PDVSA and others over alleged asset transfers in the Caribbean that Conoco claims were designed to frustrate its efforts to obtain payment under an International Chamber of Commerce (ICC) award.
Citgo declined to comment, citing a policy regarding ongoing litigation.
Conoco is pleased with the court’s decision, a spokesman said in a statement. The company has not received any payment from PDVSA for the award and intends to continue to pursue the matter, he added.
The decision is another blow to the Venezuelan oil company, which has struggled to pay creditors as its oil production has fallen to the lowest level in more than three decades.
-snip-
Conoco to depose Citgo in hunt for PDVSA's Caribbean assets
Liz Hampton
2 MIN READ
HOUSTON (Reuters) - ConocoPhillips (COP.N) moved to bring Venezuelan PDVSA’s U.S. refining unit Citgo Petroleum into its legal battles to enforce a $2 billion arbitration award against the South American country’s nationalization of its Venezuelan assets.
A U.S. district court judge in Houston on Thursday ruled Conoco can depose Citgo as preparation for a court case against PDVSA and others over alleged asset transfers in the Caribbean that Conoco claims were designed to frustrate its efforts to obtain payment under an International Chamber of Commerce (ICC) award.
Citgo declined to comment, citing a policy regarding ongoing litigation.
Conoco is pleased with the court’s decision, a spokesman said in a statement. The company has not received any payment from PDVSA for the award and intends to continue to pursue the matter, he added.
The decision is another blow to the Venezuelan oil company, which has struggled to pay creditors as its oil production has fallen to the lowest level in more than three decades.
-snip-
Read more: https://www.reuters.com/article/us-conocophillips-citgo-assets/conoco-to-depose-citgo-in-hunt-for-pdvsas-caribbean-assets-idUSKBN1JV34N