PDVSA Appeals Conoco's Right To Buy Stake In Refinery Unit

Law360, New York (September 10, 2015, 10:03 PM EDT) -- Venezuelan state-owned oil company Petroleos de Venezuela SA plans to appeal after a New York federal judge upheld ConocoPhillips' acquisition of its 50 percent stake in a coking unit at a Texas refinery, setting the stage for the latest round in the long-running dispute.

PDVSA said in a statement that U.S. District Judge Alison J. Nathan's Sept. 1 decision to confirm an International Chamber of Commerce International Court of Arbitration award allowing ConocoPhillips to buy its stake of the unit at the once jointly owned Merey Sweeny refinery was incorrect.

"PDVSA is convinced that the decision is incorrect and that the...

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