Here is update on PDVSA vs XOM dispute over stolen Venezuelan JV Upgrader assets.
Typical Chavez if have abide by rules/laws then I wont participate. Since International Courts ruled he only had pay book value but article left out fact VZ has supply crude to Chalmette Refinery under LT contract terms – so not sure if case fits rhetoric of Chavez since courts also said failure supply would allow XOM sue Chavez.
PDVSA/Chavez/Venezuela has already lost ground on crude supply since both Caribbean Refineries – Hovensa & Aruba have closed. This puts another 330-400 MBD Bitumen Syncrude back on the market and is equal to what was placed with China Refineries in new contracts. This also puts his production & distrubition of crude at odds with position here. Course he is shipping crude to China that takes 30 days vs 7 days to US and at nearly triple freight cost to Asia …… so common & economic sense do not carry much weight in todays PDVSA evaluations.
Regards