Delaware, 26th November 2019 – The U.S. oil company filed on Tuesday a motion in a Delaware court seeking to collect its 1.4 billion arbitration award against Venezuela by seizing CITGO shares. The move has the intention to place Conoco at the same line of Crystallex, already granted with a writ of attachment over the shares of the oil company subsidiary of PDVSA in U.S. soil.
In the filing, Conoco acknowledges that seizing the shares of CITGO parent PDV holdings would be “complicated” and that the ability of any creditor to foreclose on the PDV holdings shares “may turn on the status and interpretations of sanctions, authorization and/or licensing from the OFAC”.
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