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....

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