ConocoPhillips files motion to seize Citgo shares to collect Venezuela award

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FILE PHOTO: Flags fly outside ConocoPhillips offices in Houston, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott

(Reuters) – U.S. oil company ConocoPhillips on Tuesday filed a motion in a Delaware court seeking to seize shares in the parent company of U.S. refiner Citgo Petroleum to collect on a $2 billion arbitration award against Venezuela.

Citgo, a unit of Venezuelan state oil company PDVSA, is being targeted by numerous parties seeking payment from Venezuela. But any transfer of its ownership is currently restricted by U.S. sanctions aimed at forcing out socialist President Nicolas Maduro.

Reporting by Luc Cohen in Caracas and Tom Hals in Wilmington, Delaware; Editing by Chris Reese

This post was originally posted on Reuters: Company News – View Original Article

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About the Author

Have lived and invested in Venezuela full time for the last eight years and visited for each of twelve years prior to that. Studied and closely followed developments in Venezuela since 1996.