Conoco to Legally Seize PDVSA Assets - *Turnabout is Fair Play*

[Tom Kirkman + 8,860]

Karma has come home to roost for PDVSA, and for Venezuela's seizure-happy Socialist government.  What goes around, comes around.

Turnabout is fair play.

Here's an Oil Price article, which lays out the basics of the current situation:

Conoco Eyes PDVSA’s Caribbean Assets

"ConocoPhillips has received court attachments for freezing the assets of Venezuelan PDVSA at two Caribbean facilities and might go on to sell them, Reuters reports, citing sources close to the developments.

The U.S. company was awarded compensation of US$2 billion by the court for the nationalization of its operations in Venezuela by the Hugo Chavez government. Yet this is just a fraction of what Conoco is seeking from PDVSA, which amounts to US$33 billion."

=================================

And a far snarkier update from the semi-trolling Russian wags over on Zero Hedge:

"This Is Terrible For PDVSA": Conoco Begins Confiscating Venezuela Oil Assets, Infuriating China

"Meanwhile, making matters worse, operations at the bankrupt state-owned oil company are grinding to a halt: PDVSA on Friday ordered its oil tankers sailing across the Caribbean to return to Venezuelan waters and await further instructions, according to a document viewed by Reuters. In the last year, several cargoes of Venezuelan crude have been retained or seized in recent years over unpaid freight fees and related debts.

“This is terrible (for PDVSA),” said a source familiar with the court order of attachment. The state-run company “cannot comply with all the committed volume for exports” and the Conoco action imperils its ability to ship fuel oil to China or access inventories to be exported from Bonaire."

========================================

Gotta hand to The Tylers on ZH for their take on this, and for their amusingly deliberate click-baity article headlines.

 

[Refman + 207]

You do know that OilPrice regularly publishes articles from Zerohedge right?

[Tom Kirkman + 8,860]

34 minutes ago, Refman said:

You do know that OilPrice regularly publishes articles from Zerohedge right?

Actually, I hadn't realized that.  ZH is on my list of daily news sites that I read.