May 10, 2018 / 8:00 PM / 2 months ago

Conoco says to maintain legal actions until PDVSA pays $2 bln award

HOUSTON, May 10 (Reuters) - ConocoPhillips said on Thursday it would continue enforcing legal actions against Venezuela’s state-run oil company PDVSA until it receives a payment to satisfy a $2 billion arbitration award recently issued by the International Chamber of Commerce (ICC).

The U.S. oil firm’s actions so far have included the seizure of oil inventories and assets in the Caribbean islands where PDVSA operates. The measures have forced the state-run company to halt storage and shipping from at least four terminals, creating a bottleneck of tankers around its Venezuelan ports.

“We look forward to hearing PDVSA’s proposals to resolve this matter. But absent any agreement and payment of the ICC award, we will continue our enforcement actions,” said Janet Langford Carrig, Conoco’s general counsel.

Reporting by Gary McWilliams; Editing by Richard Chang

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