Venezuela Targets Conoco Over Refinery Stake

Law360, New York (February 26, 2010, 2:26 PM EST) -- Venezuela is reportedly hauling ConocoPhillips to court over the company's bid to buy out state oil firm Petroleos de Venezuela SA's 50 percent stake in a Texas oil refinery.

Venezuelan oil minister Rafael Ramirez said Thursday the country had launched a lawsuit against the American oil giant “in international courts” over PDVSA's share in the Merey Sweeny coker unit at the Sweeny refinery in Texas, Reuters reported.

Houston-based Conoco — the third-largest U.S. oil company by market value — notified PDVSA in 2008 that it planned...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.