(Energy Analytics Institute, 2.Nov.2023) — ConocoPhillips chairman and CEO Ryan Lance updated the analyst community on the company’s situation regarding Venezuela and recently started auction process for assets of Houston-based refinery Citgo Petroleum during a recent conference call.
“We’re in a process with the Venezuelans right now. They also have a considerable amount of money through both our ICSID and our ICC claims, approaching over $8bn. They own some, on the full judgment on the ICC, they still owe us $1.4bn-$1.5bn,” Lance said 2 Nov. 2023 responding to questions during ConocoPhillips’ third quarter 2023 conference call with analysts.
“So we’re pursuing that pretty aggressively. I think we’re watching the progress closely,” Lance added.
Lance continued: “Clearly, the U.S. government has provided a lifting of some, if not all, of the sanctions here, waiting on results of what the Venezuelans do on the other end for free and fair election. So that may create a bit of an opening. But this is a long process, but we’re pretty committed to doing everything we can to make sure we get our money out of Venezuela that they owe us. And that’s what we’re focused on.”
Editor’s Note: Story updated to reflect the comments of ConocoPhillips chairman and CEO Ryan Lance and not Tim Leach, a senior advisor to the CEO, as was originally reported by Seeking Alpha.
By Aaron Simonsky. © Energy Analytics Institute (EAI). All Rights Reserved.