Losing control of oil: U.S. energy giant ConocoPhillips seized key Venezuelan oil storage and refinery facilities in the Caribbean this week, a precedentsetting move that could result in a stampede of creditors rushing to take over the cashstarved nation’s foreign assets. Conoco recently won court orders saying it is entitled to $2 billion from Venezuela’s state-owned oil giant PDVSA, to compensate for the 2007 nationalization of its assets in Venezuela. It has now grabbed control of PDVSA facilities on islands such as Bonaire and Curaçao that are used for exporting Venezuelan crude to Asia. Last week, Canada’s Rusoro Mining filed suit to seize assets of Citgo, the Venezuelan-owned U.S. refiner. “This is going to set off a domino effect,” said Diego Moya-Ocampos, an analyst at research firm IHS Markit.
Up for grabs