Citgo Parent Co. Slams ConocoPhillips’ $2B Push For Shares

-Venezuela’s state-owned oil company blasted two ConocoPhillips subsidiaries for trying to get Citgo shares as compensation for a $2 billion arbitral award, arguing in Delaware federal court that the subsidiaries “muddy the waters” since they lack proper licensing for such an arrangement. Phillips Petroleum Co. Venezuela Ltd. and ConocoPhillips Petrozuata BV are just two companies trying to nab shares from Citgo — commonly called the “foreign crown jewel” of Venezuela oil — after winning an arbitral award from Petróleos de Venezuela SA for unlawfully nationalizing natural resource projects. Full Text -> 360Law

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