ConocoPhillips claims in court that
Venezuela's national oil company is selling CITGO assets to move the money back
home and avoid paying an impending billion-dollar arbitration award.Houston-based
CITGO is owned by Petroleos de Venezuela, S.A., or PDVSA, Venezuela's national
oil company. CITGO owns refineries in Lake Charles, La., Corpus Christi, Texas
and Lemont, Ill., along with pipelines and terminals in Texas and Louisiana.
The estimated value of its assets was $8.1 billion in 2014, court records show.
ConocoPhillips Petrozuata, a Dutch
subsidiary of Houston-based ConocoPhillips, and its sister company Phillips
Petroleum Company Venezuela Limited, filed a complaint in Delaware federal
court on Thursday, following their 2014 pre-suit petition for discovery filed
in Harris County, Texas. More… 
Tuesday, October 11, 2016
Venezuela Accused of Evading $1B Judgment
ConocoPhillips claims in court that
Venezuela's national oil company is selling CITGO assets to move the money back
home and avoid paying an impending billion-dollar arbitration award.Houston-based
CITGO is owned by Petroleos de Venezuela, S.A., or PDVSA, Venezuela's national
oil company. CITGO owns refineries in Lake Charles, La., Corpus Christi, Texas
and Lemont, Ill., along with pipelines and terminals in Texas and Louisiana.
The estimated value of its assets was $8.1 billion in 2014, court records show.
ConocoPhillips Petrozuata, a Dutch
subsidiary of Houston-based ConocoPhillips, and its sister company Phillips
Petroleum Company Venezuela Limited, filed a complaint in Delaware federal
court on Thursday, following their 2014 pre-suit petition for discovery filed
in Harris County, Texas. More… 
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