ConocoPhillips Sues Venezuela

Subsidiaries of ConocoPhillips (Citgo) are suing Venezuela state owned oil company PDVSA. The suit was filed in Delaware on Oct 7, 2016. PDVSA is charged with fraudulent operations, including bond swaps that use Citgo shares as collateral. The move by PDVSA is seen as an attempt to prevent Conoco from “collecting compensation in a dispute over a 2007 nationalization of its Venezuela holdings.”