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PDVSA moves to protect exports as Conoco seizures weigh

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11/05/2018 – Curacao Chronicle. / CARACAS, WILLEMSTADVenezuela’s PDVSA has halted crude deliveries to a Caribbean refinery ahead of a planned shutdown and changed some trade terms as it moves to protect its oil exports from seizures in a bruising legal dispute with U.S.-based ConocoPhillips, sources with knowledge of the moves said on Friday.

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Conoco last week began legal actions in the Caribbean to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC) over the 2007 nationalization of its projects in Venezuela. The moves have disrupted fuel deliveries throughout the Caribbean, much of which is dependent on PDVSA supplies.

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PDVSA plans to let its 335,000 barrel-per-day leased refinery in Curacao halt operations once crude inventories are exhausted because no new shipments are headed to the Caribbean, the sources said.

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The refinery, which was getting ready to restart several units this month after a lengthy maintenance project, will retain fuel produced. PDVSA transferred custody over the inventories to the facility, owned by the Curaçao government, the sources said.

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Separately, ownership of crude to be refined at Isla in Curacao was transferred by PDVSA to its U.S. unit, Citgo Petroleum, in an attempt to avoid potential seizures by Conoco, one of the sources added.

Tags: Venezuela

Con información de: Curacao Chronicle