November 26, 2019 / 11:12 PM / 6 months ago

ConocoPhillips files motion to seize Citgo shares to collect Venezuela award

Nov 26 (Reuters) - U.S. oil company ConocoPhillips on Tuesday filed a motion in a Delaware court seeking to seize shares in the parent company of U.S. refiner Citgo Petroleum to collect on a $2 billion arbitration award against Venezuela.

Citgo, a unit of Venezuelan state oil company PDVSA, is being targeted by numerous parties seeking payment from Venezuela. But any transfer of its ownership is currently restricted by U.S. sanctions aimed at forcing out socialist President Nicolas Maduro. (Reporting by Luc Cohen in Caracas and Tom Hals in Wilmington, Delaware Editing by Chris Reese)

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