U.S. oil giant ConocoPhillips is pressing for control of Venezuela's offshore operations in the Caribbean to recoup $2 billion in payment from a decade-old dispute.
A person familiar with the claim confirmed to The Associated Press on Monday that the Houston-based company is asking a court in the Dutch Antilles for control of facilities belonging to Venezuela's state-run oil firm PDVSA. The person was not authorized to discuss the legal action.
PDVSA relies heavily on facilities on the islands of Curacao, Bonaire and St. Eustatius used to refine and store Venezuela's heavy crude before shipment to the U.S and Asia.
The legal action follows a recent decision by an international arbitration panel that Venezuela in 2007 illegally expropriated joint venture operations with ConocoPhillips.
(Source: The Associated Press)