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US oil giant continues seizing Venezuela assets in Dutch islands

Tuesday, May 15, 2018

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WILLEMSTAD, Curacao (AP) — A lawyer for a subsidiary of Houston-based ConocoPhillips said a court in the Dutch Antilles has authorised it to seize US$1.94 billion worth of assets held on Bonaire island by Venezuela's state oil company, PDVSA.

Houston-based Conoco is seeking to recover US$2 billion in a dispute over expropriation of its oil projects by Venezuela's economically struggling socialist government. The lawyer spoke on condition of anonymity because he wasn't authorised to speak to the media.

The seizure of the oil storage terminal on Bonaire follows a similar ruling in recent days allowing Conoco to seize US$636 million worth of assets on the nearby island of Curacao.

The dispute with Conoco threatens to disrupt Venezuela's already-depressed oil exports and costs thousands of jobs in the Dutch Caribbean.

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