Published On: Mon, May 7th, 2018

Update: New attachment order by Conoco expected in Curaçao in coming days

oil refineryWILLEMSTAD - ConocoPhillips is expected to renew an effort to temporarily take control of Venezuela’s PDVSA oil inventories at the 335,000-barrel-per-day Isla refinery in Curaçao in the coming days, according to sources close to the state-run firm’s operations in the Caribbean.

The U.S. oil company last week took PDVSA oil inventories and assets in Bonaire and St. Eustatius to enforce a $2 billion arbitration award by the International Chamber of Commerce. It tried to do the same using an ICC April ruling in Curacao, but the orders were rejected on that island because of improper wording, sources said.

Conoco’s legal maneuvering temporarily retains assets - from oil inventories, to cargoes and facilities - and could give Conoco the ability to sell them.

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