U.S. oil major ConocoPhillips (NYSE: COP) has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on May 13.
Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under late leader Hugo Chavez.
“PDVSA products from the installations of the Isla refinery have been confiscated. We don’t have any way to get them,” Steven Martina, Curacao’s minister for economic development said, who did not provide the amount or value of the seized products.
Conoco and PDVSA did not immediately respond to requests for comment. […]