Conoco Claims PDVSA Dodging Payout Via Secret Citgo Sale

Law360, Dallas (November 26, 2014, 7:49 PM EST) -- Venezuelan subsidiaries of ConocoPhillips this week alleged in Texas state court that Venezuela's state-run oil company Petroleos de Venezuela SA is secretly liquidating its U.S. assets in Citgo Petroleum Corp. in a bid to avoid paying expected international arbitration awards.

In a court filing Monday that would allow ConocoPhillips to depose Citgo representatives, ConocoPhillips Petrozuata BV and Phillips Petroleum Co. Venezuela Ltd. alleged Petroleos de Venezuela is taking a two-faced approach to the Citgo sale designed to shield its actions. It claims PDVSA and Venezuelan government officials are asserting publicly they're not selling Citgo or its assets while "apparently privately continuing...

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