Conoco will take over assets from Pdvsa in the Caribbean
The procedure refers to refineries in Aruba, Curaçao and St. Eustaquio island
Venezuelan oil exports are going through a critical period after the decision of the US company ConocoPhillips to take over the assets of at least two Pdvsa facilities in the Caribbean. The intentions are aimed at selling them. The legal action was finalized in view of the fact that last Sunday Venezuela did not respond to requests for comment on the conflict and ignored the results of the CPI court trial.
It is important to highlight that in Bonaire, PDVSA has the BOPEC terminal of 10 million barrels and from there the company manages fuel shipping and logistics, especially to Asia. In Aruba, jointly with Citgo, they lease a refinery and a storage terminal. On St. Eustaqius island, the Venezuelan oil company leases storage tanks at the Statia terminal, owned by the US NuStar Energy. In this terminal, more than 4 million barrels of Venezuelan oil were held after a court order.
Conoco has stated they will work together with the community to avoid a strong impact in Venezuela, hit hard by the current crisis.
M.Pino
Source: Reuters
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