Phillips 66 says court supports 2009 takeover from PDVSA

Phillips 66 (PSX) says the International Chamber of Commerce’s Court of Arbitration has upheld its right to acquire a 50% stake in facilities at its Sweeny Refinery in Texas from PDVSA.

Certain defaults by PDVSA with respect to supply of crude oil to the Sweeny refinery triggered the right to acquire PDVSA’s ownership interest, PSX says.

The partnership owns a 70K bbl/day delayed coker and related facilities at the refinery.

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Comments (4)
  • Michael Fitzsimmons
    , contributor
    Comments (11849) | Send Message
    About time! Wait until COP gets what it has coming to it, which I estimate to be worth $5-7 billion or roughly $4/share:

    29 May 2014, 09:28 AM Reply Like
  • oldokie
    , contributor
    Comments (612) | Send Message
    The PSX assets are stateside. Their settlement just shows that countries like individuals should not enter into an agreement and not pay their bills.


    COP wanted $30B. My question is how does anyone collect?


    I hope that Venezuela goes to the barter system with their economy. I hope COP gets paid in that heavy crude but that is another issue as Venezuela's output declined 11% last year. Things get much worse there, their economy will collapse and they can blame it on us.
    29 May 2014, 10:52 AM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (11849) | Send Message
    Hi Okie - COP will get paid the same way Exxon Mobil did - through arbitration. The World Bank recently made a ruling on the case as it is winding toward completion:



    Meanwhile, CEO Ryan Lance said COP will soon ("imminent") make its arguments in the case:

    29 May 2014, 01:10 PM Reply Like
  • mjb0909
    , contributor
    Comments (235) | Send Message
    Just another caveat to be long on both PSX & COP! My grandchildren are smiling!
    29 May 2014, 11:27 PM Reply Like
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