ConocoPhillips may be worse for Venezuela than U.S. sanctions
https://www.chron.com/business/energy/article/Conoco-may-be-worse-for-Venezuela-than-U-S-12906675.phpMay 11, 2018
...ConocoPhillips may finish what U.S. sanctions started.
The Houston-based company on Friday assumed control of Venezuela's oil assets in the Caribbean island of Bonaire and filed court orders to do the same in Curacao and Aruba. The takeover is effectively stifling Petroleos de Venezuela SA's ability to export oil, the commodity that bankrolls the regime of President Nicolas Maduro.
The Caribbean terminals are logistically key to Venezuela's ability to export oil. About 16 percent of its crude exports are stored in those terminals before sailing to their final destination in the U.S., China and India.
The move by ConocoPhillips is part of an effort to fulfill a $2.04 billion arbitration ruling against PDVSA. The state-run oil company, for its part, is planning to pay the award but hasn't reached out to Conoco to discuss the details yet, according to a person with knowledge of the situation. PDVSA didn't immediately return email seeking comment....
