Published On: Mon, May 21st, 2018

ConocoPhillips statement on ruling court

WILLEMSTAD, HOUSTON - The Courts in Curacao and Bonaire partially lifted the attachments only to the extent necessary to supply fuel to Curoil, the local oil company that supplies products to the public utilities.  This order was made under the condition that the purchase price paid by Curoil to PDVSA will be put in escrow or in a third party account.

ConocoPhillips indicated in a statement to Curaçao Chronicle that they are pleased with the result, as this is consistent with the proposal made by their company to both local authorities, Curoil and the local courts. As they have stated all along, their company will do everything they can to make sure that the people of the Dutch Caribbean are not adversely affected by this dispute.

On background ConocoPhillips is not confirming specific assets, locations (other than the Dutch Caribbean) or other targets, PDVSA’s actions and other issues pertaining to this case. “PDVSA is a global organization with global assets. Yes, there have been assets that we have successfully obtained liens on as part of our recovery efforts,” said the company in their statement.

On the record - Here is the company’s current and ongoing statement:

The enforcement actions currently underway in the Dutch Caribbean are a direct response to the decision stated in this news release:

http://www.conocophillips.com/news-media/story/international-arbitration-tribunal-rules-conocophillips-is-owed-2-04-billion-in-its-dispute-with-pdvsa/

The American company continued by indicating that the International Chamber of Commerce has ruled that PDVSA owes ConocoPhillips $2 billion for its contractual obligations associated with Venezuela’s illegal expropriation of their assets in 2007. As they have said at the time of the award, they will pursue all available legal avenues to obtain full and fair compensation for their expropriated investments in Venezuela.

“We will work with the community and local authorities to address issues that may arise as a result of enforcement actions. But we stress that any potential impacts on communities are the result of PDVSA’s illegal expropriation of our assets and its decision to ignore the judgment of the ICC tribunal. PDVSA should immediately comply with the ICC ruling and compensate us for our losses.”

Community Impacts (there have been reports of concerns about fuel supplies as an example).

“We are in touch with local officials and are working to address their concerns.  As we said previously, we will work with the community and local authorities to address issues that may arise as a result of enforcement actions.  It is PDVSA that has failed to honor our award by ignoring the judgment of the ICC tribunal and other local court orders.”

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