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.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.