Phillips 66 Says Court Supports 2009 Takeover From PDVSA
This article is for subscribers only.
Phillips 66 said an international tribunal ruling supports its right to acquire a 50 percent stake in facilities at its Sweeny Refinery in Texas from Petroleos de Venezuela SA.
The International Chamber of Commerce’s Court of Arbitration last month upheld Phillips 66’s right to exercise a call option in 2009 and assume PDVSA’s interest in Merey Sweeny LP, Rich Johnson, a spokesman for the Houston-based refiner, said in an e-mail yesterday. The partnership owns a 70,000-barrel-per-day delayed coker and related facilities at the refinery.