Published On: Mon, May 21st, 2018

Curaçao government pleased with lifting ConocoPhillips seizure

Curacao Government CenterWILLEMSTAD - The government of Curaçao is pleased with the judgment in summary proceedings concerning the removal of the third-party seizures laid by ConocoPhillips. Prime Minister Eugene Rhuggenaath stated that the judge put the country's interests first.

The seizure of ConocoPhillips has been lifted to the extent necessary for the fuel and electricity supply in Curaçao.

Isla Refinery must resume supply of fuels, or crude oil needed for the production of fuel and electricity in Curaçao, according to the judge on Friday afternoon. Isla Refinery must, therefore, continue to comply with their delivery obligation to the Curaçao public companies. The judge also ruled that PDVSA must pay a penalty of USD 1 million per day if it fails to deliver, up to a maximum of USD 100 million.

The judgment will be further analyzed in the coming days. Meanwhile, the contingency plan of the government remains in force. Please note:

Seizures from ConocoPhillips are lifted to the extent necessary for the electricity and fuel supply in Curaçao. But no payments can be made to PdVSA. The money must be placed on a third-party account (escrow account). The judge must decide later whether the money is due to PdVSA or ConocoPhillips. An escrow account has a similar function as an attachment.

Click Tag(s) for Related Articles: