ConocoPhillips, the second largest
independent exploration and production company based on reserves and oil
production in the U.S., has filed suit against Venezuela’s state-owned oil
company Petroleos de Venezuela, S.A. and Russia's state-controlled oil company
Rosneft, challenging PDVSA's pledge of part of its U.S.-based Citgo refinery. The
Houston, Texas-based ConocoPhillips claims PDVSA fraudulently transferred 49.9%
of Citgo Holding Inc. as collateral for a loan from Russia’s Rosneft PJSC,
according to a lawsuit filed in federal court in Wilmington, Delaware. While
the suit alleges the loan was for $1.5 billion, Venezuela has declined to
confirm the amount. The
suit is the latest salvo in the legal war between ConocoPhillips and PDVSA over
the cash-strapped Venezuelan energy company’s handling of the Citgo
assets. More…
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