ConocoPhillips sued for trying to buy out PDVSA

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ConocoPhillips sued for trying to buy out PDVSA

posted on Feb 26, 2010 10:10AM

ConocoPhillips sued for trying to buy out PDVSA
Articles - Economics
Friday February 26, 2010
ABN Caracas
Venezuela oil company ConocoPhillips sued for its attempt to buy the stake of Petroleos de Venezuela SA (PDVSA) in Merey Sweeny, a unit of a refinery in the U.S., reported yesterday by Minister of Popular Power for Energy and Petroleum Rafael Ramirez. "We are suing ConocoPhillips. The process takes place in U.S. courts because it is a refinery in the United States. I can only say that the demand is moving because it is a complicated and lengthy process, "said Ramirez.

Conoco said in September 2009 that it exercised a call option on 50% stake in Venezuela coking unit Sweeny refinery in Texas, alleging that his partner is in breach of contract for supplying the plant.

The web portal of Telesur published in September 2009 that managers of PDVSA argued that stopped sending oil to the refinery due to production cuts agreed by the Organization of Petroleum Exporting Countries (OPEC).

Merey Sweeny is the delayed coking unit with a capacity to process 70 thousand barrels per day refinery in Sweeny U.S..

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