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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 (9065) | 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:

     

    http://seekingalpha.co...
    29 May, 09:28 AM Reply Like
  • oldokie
    , contributor
    Comments (398) | 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, 10:52 AM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (9065) | 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:

     

    http://reut.rs/1k4zGAX

     

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

     

    http://reut.rs/1k4zGAY
    29 May, 01:10 PM Reply Like
  • mjb0909
    , contributor
    Comments (148) | Send Message
     
    Just another caveat to be long on both PSX & COP! My grandchildren are smiling!
    29 May, 11:27 PM Reply Like
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