Economics
PDVSA Learns That Conoco Pain May Be Worse Than U.S. Sanctions
- ConocoPhillips takes over Venezuela’s Caribbean oil assets
- Exports curtailed as PDVSA unable to access storage tanks
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ConocoPhillips may finish what U.S. sanctions started.
The Houston-based company on Friday assumed control of Venezuela’s oil assets in the Caribbean island of Bonaire and filed court orders to do the same in Curacao and Aruba. The takeover is effectively stifling Petroleos de Venezuela SA’s ability to export oil, the commodity that bankrolls the regime of President Nicolas Maduro.