Ministry Wants Venezuela Oil Assets Shielded In $138M Fight

Law360 (July 8, 2020, 5:40 PM EDT) -- The Venezuela Ministry of Defense on Tuesday accused a U.S. shipbuilder of creating a "false sense of urgency" to seize Venezuela's holdings in Delaware and fulfill a $138 million arbitral award, conflating the country with its defense ministry along the way.

The ministry pushed back in Mississippi federal court after shipbuilder Huntington Ingalls sought permission to seize Venezuela's shareholdings — through its state oil company Petróleos de Venezuela SA — in PDV Holding, the indirect parent of Citgo Petroleum Corp., out of Delaware.

Huntington Ingalls claimed it could not identify commercial assets belonging to Venezuela in the Southern District of Mississippi....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!