Contact forwaded version that I like – it clears up more issues with earlier news item.
And according to it – means the $255MM cash PDVSA was claiming all it had pay was based on assumptions that: $191 MM finance cost + $300 MM sized NY Bank funds + $160 MM refund from IOC panel IF it makes payment in 60days ($907-191-300-160=$255 MM). Wonder if IOC / XOM will buy off on all these discounts as qualifiers for $160MM refund?
Also makes clear that PDVSA now HAS continue supply Chalmette/XOM JV refineries with crude supply until 2035 (might be issue for TNK-BP’s 17%/25MBD of production?). Another strong outcome for XOM (& COP lawsuit probably) is that outcome IOC is not open for appeal & XOM can enforce it with lawsuit if necessary.
Regards