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ConocoPhillips authorised to seize US$636m worth of PDVSA assets

A Dutch court has authorised the local subsidiary of United States oil giant ConocoPhillips to seize US$636 million worth of assets held on the island by Venezuela's state oil company, PDVSA.
 
The move comes as Houston-based Conoco seeks to recover US$2 billion in a decade-old dispute over the expropriation of its Venezuelan oil projects by the OPEC nation's socialist government, which is struggling with an economic crunch that has caused widespread shortages of food and medicine.
 


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