CARACAS, Venezuela — U.S. oil giant ConocoPhillips is pressing for control of Venezuela’s key offshore operations in the Caribbean, seeking to recoup $2 billion from a decade-old dispute with the nation struggling to feed its people, a source confirmed Monday. The Houston-based ConocoPhillips is asking a court in the Dutch Antilles for control of facilities that Venezuela’s state-run oil firm PDVSA operates, a person familiar with the claim confirmed to The Associated Press. Dozens of ships that transport oil pumped from Venezuela sat idle Monday docked in the country’s ports, according to an online vessel-tracking website. “We will pursue all available legal avenues to obtain full and fair compensation for our expropriated investments in Venezuela,” ConocoPhillips said in a statement. Oil tankers leaving Venezuela’s shores over the weekend turned around before reaching the Caribbean islands, the tracking website showed.

Source: National Post May 07, 2018 18:40 UTC