WILLEMSTAD--ConocoPhillips confirmed that courts in Curaçao and Bonaire had partially lifted its attachments on assets of “Petroleos de Venezuela” PDVSA to the extent necessary to supply local fuel distributor Curoil. However, this is only under the condition that the related payments to the Isla refinery’s operator are put in an escrow or third-party account.
The US oil company indicated in a statement to Curaçao Chronicle that they were pleased with the result, as this was consistent with their proposal to local authorities, Curoil and the courts. They had stated all along their willingness to do everything possible to make sure that the people of the Dutch Caribbean islands are not adversely affected by their dispute with Venezuela.
ConocoPhillips is not confirming specific assets, locations (other than the Dutch Caribbean) or other targets, nor PDVSA’s actions and other issues pertaining to this case. “PDVSA is a global organisation with global assets. Yes, there have been assets that we have successfully obtained liens on as part of our recovery efforts,” said the company in its statement.
The American firm continued by indicating that the International Chamber of Commerce has ruled that PDVSA owes ConocoPhillips US $2 billion for its contractual obligations associated with Venezuela’s illegal expropriation of their assets in 2007. As stated at the time, they would pursue all available legal avenues to obtain full and fair compensation for their expropriated investments in Venezuela.
“We will work with the community and local authorities to address issues that may arise as a result of enforcement actions. But we stress that any potential impacts on communities are the result of PDVSA’s illegal expropriation of our assets and its decision to ignore the judgment of the ICC tribunal. PDVSA should immediately comply with the ICC ruling and compensate us for our losses.
“We are in touch with local officials and are working to address their concerns. As we said previously, we will work with the community and local authorities to address issues that may arise as a result of enforcement actions.
“It is PDVSA that has failed to honour our award by ignoring the judgment of the ICC tribunal and other local court orders.”
