Cara­cas

The Week (US) - - 8 News -

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

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