Courtesy of CITGO
The ability of two ConocoPhillips subsidiaries to obtain a seizure order against shares in Citgo’s parent company to enforce a $2 billion arbitral award against Venezuela’s state-owned oil company appeared to rest on Thursday on a Delaware judge’s interpretation of a New York forum selection clause. U. S. District Judge Leonard P. Stark expressed skepticism during a Thursday hearing that the ConocoPhillips’ units litigation does not involve questions relating to a potential breach by Petróleos de Venezuela SA of the parties’ settlement agreement, which contains a provision requiring that disputes arising under it be resolved in New York. Full Text-> Law360
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