A court on the Dutch island of Curacao has authorized the local subsidiary of U.S. oil giant ConocoPhillips to seize $636 million worth of assets held on the island by Venezuela's state oil company, PDVSA. Curacao Economy Minister Steve Martina said at a news conference Sunday that Conoco already had taken control of some oil products at the Isla Curazao refinery, though he did not specify how much. According to the ruling reviewed Sunday by The Associated Press, the company can seize all oil products stored at the Isla Curazao and the Di Korsou refineries on Curacao. The court also said Conoco can take over any crude oil shipments en route from Venezuela to the island that are within 19 kilometers (12 miles) of the Curacao coast. The $2 billion award represents the equivalent of more than 20 percent of the cash-strapped Venezuela's foreign currency reserves.

Source: ABC News May 14, 2018 01:52 UTC