US Company Moves to Seize PDVSAs Caribbean Facilities

A US company is moving to seize several facilities in the Caribbean belonging to the Venezuelan State-owned oil company, PDVSA.

According to Reuters, the company, Conoco Phillips, has received a court order freezing assets belonging to PDVSA on the islands of Curacao, Bonaire and St. Eustatius.

The international news agency, Reuters, says Conoco Phillips, may move to sell the assets as part of a 33- billion dollar arbitration ruling by the International Criminal Court Tribunal.

The targeted facilities accounted for about a quarter of Venezuela’s oil exports last year.

They play key roles in processing, storing and blending PDVSA’s oil for export.

It’s unclear at this time if the company will move to acquire any further Caribbean assets belonging to PDVSA.

It’s also uncertain at this time if the move could affect the Jamaican government’s attempt to buy back PDVSA’s 49-percent stake in its oil refinery, Petrojam.

However, Reuters says the move could impair PDVSA’s declining oil revenue and Venezuela’s already destabilized economy.

The move further compounds Venezuela’s problems.

U.S. Vice President, Mike Pence, today called on the Organization of American States, OAS, to suspend Venezuela’s membership in the group of 35 nations.

He also announced new U.S. sanctions targeting drug kingpins said to be linked to the Venezuelan government.

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