granitestater
Champion Author
New Hampshire
Posts:6,319
Points:1,019,445
Joined:Oct 2008
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Message Posted: Mar 12, 2010 4:36:11 AM
How does this get into lawsuit status? Either you buy or don't buy. And you'd think Chavez would want to get money from something outside his country.
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fordmexico
Champion Author
Michigan
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Message Posted: Mar 11, 2010 10:37:50 PM
From the Wall Street Journal March 5, 2010
HOUSTON (Dow Jones)--Venezuela's state oil company has officially told ConocoPhillips (COP) it is suing the U.S. oil giant in international court over a Texas refining joint venture.
"A Conoco spokesman said Friday that Petroleos de Venezuela SA, or PDVSA, told the Houston-based company it was initiating arbitration proceedings with the International Chamber of Commerce, challenging Conoco's attempt to buy PDVSA's interest in their jointly-owned Merey Sweeney LP unit.
The lawsuit was announced last week by Venezuelan Oil Minister Rafael Ramirez, but at the time, Conoco hadn't received official notification of the pending litigation.
The ICC, is a network of international corporations that can settle commercial disputes through closed arbitration. The organization has offices around the world. Conoco spokesman Bill Stephens declined to provide the location for the arbitration hearings and said the company wouldn't give any more details on the case.
PDVSA, announced its plan to take Conoco to court as early as 2008, after the third-largest U.S. oil company by market value said it wanted to buy out PDVSA's 50% stake in Merey Sweeny. The partnership owns an important part of Conoco's refinery in southeast Texas.
Conoco has claimed that it has the right to purchase PDVSA's stake because Venezuela hasn't been meeting its obligation to supply crude to Merey Sweeny.
The partnership owns a 70,000-barrel-a-day delayed coker, a unit that allows the refinery to process Venezuelan heavy crude.
The joint venture was formed in 1999 at a time when U.S. refiners were looking to increase their ability to process heavy crude, which was abundant and priced at a deep discount to light, sweet crude."
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DanMtz
Champion Author
Oakland
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Message Posted: Mar 11, 2010 8:35:32 PM
Conoco needs to go away for a while and wait for Hugo and his empire to collapse.
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POLELANE
Champion Author
Ohio
Posts:7,148
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Message Posted: Mar 11, 2010 8:25:54 PM
Mariciabo was fun in the days; but el Presidente will nationalize at the drop of a Polar.
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jwduke1
Champion Author
Iowa
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Message Posted: Mar 11, 2010 6:05:43 PM
This doesn't sound like a good idea.......
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bluzdw
Sophomore Author
Missouri
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Joined:Feb 2010
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Message Posted: Mar 11, 2010 5:52:59 PM
Don't do it.
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zeepelin
Rookie Author
Dallas
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Message Posted: Mar 11, 2010 5:49:44 PM
nothing to be surprised of
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PDQBlues
Champion Author
San Diego
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Message Posted: Mar 11, 2010 5:36:10 PM
There is no free market in the oil industry. Stay out of Venezuela.
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