PW
Español

 

PW
Guyana
Surinam


PW
Trinidad

& Tobago
Caribbean

 

Prices
Graphics

 




Very usefull links



PW
Bookstore





Blogspots

The Global Barrel

Tiempo Culural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters

Bloomberg

Views and News
from
Norway

 

PW
Bookstore

 

 

 

Curacao’s RdK wins right to sell
PDVSA
's stake at BOPEC terminal

El Nacional

Bonaire’s BOPEC terminal

Reporting by Luc Cohen / Reuters

NEW YORK
Petroleumworld 09 30 2021

Curacao’s state refining company Refineria di Korsou (RdK) said on Tuesday a Dutch court granted it the right to sell shares in the owner of an oil terminal in neighboring Bonaire to collect on debts from Venezuelan state oil company PDVSA.

Any sale of shares in Propernyn - a PDVSA subsidiary in the Netherlands that owns Bonaire’s BOPEC terminal - would be the latest blow to cash-strapped PDVSA’s efforts to retain its overseas assets, increasingly targeted by creditors seeking repayment.

PDVSA operated RdK’s 335,000 barrel-per-day (bpd) Isla refinery through late 2019. RdK alleges PDVSA failed to make nearly two years’ worth of monthly payments as stipulated under their contract, and in 2020 obtained a judgment in Curacao court ordering PDVSA to pay nearly $52 million.

RdK then attached PDVSA’s shares in Propernyn and sought permission from Dutch courts to sell them, which was challenged by PDVSA. The Hague Court of Appeal ruled on Sept. 14 that RdK could proceed with the sale, court records show.

RdK said in an email it would now estimate the value of the Propernyn shares and seek court clearance to hold an auction or conduct a public sale. It said it would honor other debt collectors that have also staked a claim to the shares.

RdK did not identify those creditors. Dutch court records show Houston-based oil company ConocoPhillips also has an enforcement attachment against PDVSA’s Propernyn shares.

Conoco holds a $2 billion arbitral award against PDVSA over the 2007 expropriation of its Venezuelan assets. It has collected $754 million.

At its peak, BOPEC could store 10 million barrels of oil and load large vessels from its deep water docks. But Bonaire last year ordered it to move oil to safer tanks due to environmental risks.

PDVSA did not respond to a request for comment.

_____________

Reporting by Luc Cohen in New York; Additional reporting by Marianna Parraga and Gary McWilliams in Houston; Editing by Marguerita Choy from Reuters

reuters.com / 09 29 2021

TOP

Contact: editor@petroleumworld.com,


Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.