PDVSA Seeks to Block ConocoPhillips Asset Seizure Request

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By Caroline Simson (June 30, 2022, 10:25 p.m. EDT) — PDVSA is asking a Delaware court to dismiss or stay litigation filed by ConocoPhillips targeting the Venezuelan state-owned company’s shares in Citgo, pointing to an ongoing appeal which is expected to resolve a thorny US sanctions issue that has arisen in several other related cases.

The Venezuelan company argued in a brief filed Wednesday that ConocoPhillips cannot obtain the order it seeks, which would authorize a possible seizure order against PDV Holding Inc., unless the sanctions are lifted or the American company obtains a specific license from the Biden administration. PDV Holding is a subsidiary of PDVSA which is the indirect parent…

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