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PDVSA Retrenches in Caribbean as ConocoPhillips Seizures Weigh On Its Operations

VIEW FROM CURACO — A general view shows the Isla refinery in Willemstad on the island of Curacao, April 22, 2018. Picture taken April 22, 2018. REUTERS/Andres Martinez Casares

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WILLEMSTAD — Venezuela’s Petróleos de Venezuela, S.A. (PDVSA) will let the 335,000 barrel-per-day refinery it leases in Curacao halt operations once crude inventories are exhausted as no new shipments are planned to the Caribbean following ConocoPhillips’s legal actions, according to two sources.

PDVSA is also changing its trade arrangements to start delivering all its oil for exports in Venezuelan waters, including the ship-to-ship transfers that have to be made for sending cargoes to Asian destinations.

Conoco last week started several legal actions to satisfy a $2 billion arbitration award issued by the International Chamber of Commerce over the 2007 nationalization of its projects in Venezuela.


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The Author

John McCarthy

John McCarthy

John McCarthy has been reporting on the U.S. Virgin Islands and the Caribbean region since 1989. John's articles have appeared in the BVI Beacon, St. Croix Avis, San Juan Star and Virgin Islands Daily News. He is originally from Detroit, Michigan.

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