situation report

May 24, 2018 | 17:22 GMT

1 min read

Aruba: Court Lifts ConocoPhillips Liens on Venezuelan Oil

What Happened: A court in Aruba lifted liens on two oil cargoes that ConocoPhillips put in place in an effort to collect its $2 billion arbitration award, Reuters reported May 23. The court said that the oil cargoes did not belong to Venezeula's state-owned energy company Petroleos de Venezuela (PDVSA), but to Citgo Petroleum Corp., it's U.S. refining subsidiary. 

Why It Matters: Since it was awarded the $2 billion compensation, ConocoPhillips has moved to seize oil inventories, assets and cargoes tied to PDVSA. Courts in Arbua, Bonaire and Curacao have completely or partially lifted liens, citing economic harm to the islands. 

Background: In April, an arbitration panel at the International Chamber of Commerce ruled that PDVSA owes ConocoPhillips $2 billion for seizing the U.S. company's assets in 2007. 

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