Skip to content

ConocoPhillips

Venezuela Edges Closer To Losing CITGO As Corporations Submit Offers

June 21, 2024 Ricardo Vaz, People's Dispatch. , , , , , , , , , ,
The second and final round of bidding in a court-mandated auction of Venezuela’s US-based oil subsidiary CITGO has concluded. Several corporations submitted binding offers by a June 11 deadline as part of a process organized by a Delaware District Court to satisfy a number of claims against the Caribbean nation totaling US USD 21.3 billion. In October 2022, Judge Leonard P. Stark set in motion the sale of shares belonging to PDV Holding (PDVH), CITGO’s parent company. The process was brought forward by Canadian miner Crystallex. The auction procedure will pay 18 creditors, which are looking to collect on international arbitration awards on a “first come, first serve basis,” based on when the court approved their writs.

US Judge Upholds ConocoPhillips $8.5B Award, Venezuela Rejects Ruling

August 29, 2022 Andreína Chávez Alava, Venezuela Analysis. , , ,
A Washington D.C. federal judge has granted US oil corporation ConocoPhillips final approval to enforce a multi-billion arbitration award against Venezuela. On August 19, US District Judge Carl Nichols issued a default judgment in favor of ConocoPhillips to collect on a US $8.5 billion arbitration award plus around $22 million for reimbursement of legal costs after the Venezuelan so-called “interim government” failed to appear in court for more than two years. The default claim was entered by the court in October 2021. “Venezuela still has not entered an appearance or otherwise opposed the Motion. For the following reasons, the Court grants the Motion and enters [a default] judgment for Petitioners,” indicated the court’s file.

Urgent End Of Year Fundraising Campaign

Online donations are back! Keep independent media alive. 

Due to the attacks on our fiscal sponsor, we were unable to raise funds online for nearly two years.  As the bills pile up, your help is needed now to cover the monthly costs of operating Popular Resistance.

Donate Here

Urgent End Of Year Fundraising Campaign

Online donations are back! 

Keep independent media alive. 

Due to the attacks on our fiscal sponsor, we were unable to raise funds online for nearly two years.  As the bills pile up, your help is needed now to cover the monthly costs of operating Popular Resistance.

Donate Here
Sign Up To Our Daily Digest

Independent media outlets are being suppressed and dropped by corporations like Google, Facebook and Twitter. Sign up for our daily email digest before it’s too late so you don’t miss the latest movement news.