situation report

May 12, 2018 | 18:30 GMT

1 min read

Venezuela: Caribbean Court Authorizes ConocoPhillips to Seize State Oil Company's Assets

A Curacao court has authorized ConocoPhillips to seize about $636 million in assets belonging to Petroleos de Venezuela, Reuters reported May 12. The legal action was the latest in the Caribbean to enforce a $2 billion arbitration award by the International Chamber of Commerce over the 2007 nationalization of the U.S. oil company's projects in Venezuela.

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