ConocoPhillips sues Venezuela's PDVSA, calls bond swap 'fraudulent
Subsidiaries of U.S. oil company
ConocoPhillips have sued Venezuelan state oil company PDVSA in Delaware,
according to a court filing, accusing it of fraudulent operations involving its
U.S. subsidiary Citgo. ConocoPhillips said in an Oct. 6 filing PDVSA operations,
including an ongoing bond swap that uses shares in Citgo Holding Inc as
collateral, are part of an effort to prevent Conoco from collecting
compensation in a dispute over a 2007 nationalization of its Venezuela
holdings. ConocoPhillips has for nearly a decade been pursuing a case against
Venezuela in a World Bank tribunal to obtain billions of dollars in
compensation for the 2007 takeover of its Venezuela assets by late socialist
leader Hugo Chavez. More…
Subsidiaries of U.S. oil company
ConocoPhillips have sued Venezuelan state oil company PDVSA in Delaware,
according to a court filing, accusing it of fraudulent operations involving its
U.S. subsidiary Citgo. ConocoPhillips said in an Oct. 6 filing PDVSA operations,
including an ongoing bond swap that uses shares in Citgo Holding Inc as
collateral, are part of an effort to prevent Conoco from collecting
compensation in a dispute over a 2007 nationalization of its Venezuela
holdings. ConocoPhillips has for nearly a decade been pursuing a case against
Venezuela in a World Bank tribunal to obtain billions of dollars in
compensation for the 2007 takeover of its Venezuela assets by late socialist
leader Hugo Chavez. More… 
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