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ConocoPhillips says PDVSA is complying with payment



By Argus

Petroleumworld 05 07 2019

US independent producer ConocoPhillips says Venezuela's state-owned PDVSA (PdV) is fully complying with a settlement agreement put in place last year.

The agreement was to recover a $2bn compensation ruling related to the 2007 expropriation of the US company's stakes in two Orinoco upgraders.

ConocoPhillips received close to $150mn from PdV under the settlement agreement in the first quarter, which included scheduled payments and proceeds from the sale of crude the US independent held in the Dutch Caribbean, he said. The scheduled payment [was made after the latest round]( of US sanctions, he said.

"So they are fully compliant," Wallette said.

A military uprising is unfolding in Venezuela where opposition leader Juan Guaido is calling for the overthrow of President Nicolas Maduro.

"We are in constant communication and they continue to tell us that their intention is to continue with our obligations, and so that's our expectation," chief financial officer Don Wallette said. "Regardless of the situation in Venezuela our expectations are unchanged."

Under the settlment PdV agreed to recognize the judgment from the International Chamber of Commerce (ICC) related to the upgraders and make initial payments totaling about $500mn within 90 days, then quarterly payments of around $83.3mn plus interest for four and a half years.


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Story from Argus Media. 04 30 2019


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