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port_x10 4 posts  |  Last Activity: Nov 27, 2014 2:07 PM Member since: Aug 6, 2010
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  • port_x10 port_x10 Nov 27, 2014 2:07 PM Flag

    Conoco said the claim it is investigating does not "seek to prevent a sale of Citgo or its assets for reasonable value, but to prevent the parties to the Citgo transaction from structuring the transaction to allow Citgo and its related companies to expatriate the proceeds."

    PDVSA was not immediately available to comment.

    Bankers representing PDVSA have set a date of late December for prospective buyers to submit revised offers for Citgo Petroleum Corp despite the country's finance minister ruling out the U.S. refineries sale, according to sources.

    A sale of the U.S. refineries would eliminate the possibility of them being seized should a court considering such claims rule against Venezuela.

    According to a July 2014 Citgo bond offering, the book value of Citgo assets was $8.1 billion at the end of 2013, according to ConocoPhillips' petition, filed on Monday in a Harris County District Court.

  • Nov 26 (Reuters) - Venezuela's state-run oil company PDVSA is using the sale of its Citgo Petroleum Corp refining assets to hinder the ability of ConocoPhillips to collect an expected arbitration award, the U.S. oil company said in a Texas court filing.

    Evidence indicates PDVSA is liquidating its Citgo interests "to remove the proceeds from the United States to Venezuela or elsewhere with the specific intent to hinder, delay or defraud its creditors," Conoco said on Monday in a petition for court approval to investigate that claim.

    Conoco's oil projects in Venezuela were nationalized by the government of president Hugo Chavez in 2007. At the end of that year U.S. firms Exxon Mobil Corp and Conoco introduced arbitration claims at several international courts.

  • quantum hearing done. Next is cost and close case. Then a $2 billion award and we own CITCO!

  • port_x10 port_x10 Nov 13, 2014 1:16 PM Flag

    Go buy GRZ.v or GDRZF shares. This stock no longer trades.

0.0710.000(0.00%)Apr 29 3:23 PMEDT

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