ConocoPhillips sues Venezuela's PDVSA

Posted by Joseph Keefe October 7, 2016

Subsidiaries of U.S. oil company ConocoPhillips (COP) has sued Venezuelan state oil company PDVSA in a Delaware court, according to a court filing, accusing it of fraudulent operations involving its U.S. subsidiary Citgo.

ConocoPhillips said PDVSA operations, including an ongoing bond swap that uses shares in Citgo Holding Inc as collateral, are part of an effort to prevent Conoco from collecting compensation in a dispute over a 2007 nationalization of its Venezuela holdings.

Neither PDVSA nor a U.S.-based lawyer that represents it immediately responded to request for comment.

Reporting by Brian Ellsworth