Sept 28 (Reuters) - Curacao's state refining company
Refineria di Korsou (RdK) said on Tuesday a Dutch court granted
it the right to sell shares in the owner of an oil terminal in
neighboring Bonaire to collect on debts from Venezuelan state
oil company PDVSA.
Any sale of shares in Propernyn - a PDVSA subsidiary in the
Netherlands that owns Bonaire's BOPEC terminal - would be the
latest blow to cash-strapped PDVSA's efforts to retain its
overseas assets, increasingly targeted by creditors seeking
PDVSA operated RdK's 335,000 barrel-per-day (bpd) Isla
refinery through late 2019. RdK alleges PDVSA failed to make
nearly two years' worth of monthly payments as stipulated under
their contract, and in 2020 obtained a judgment in Curacao court
ordering PDVSA to pay nearly $52 million.
RdK then attached PDVSA's shares in Propernyn and sought
permission from Dutch courts to sell them, which was challenged
by PDVSA. The Hague Court of Appeal ruled on Sept. 14 that RdK
could proceed with the sale, court records show.
RdK said in an email it would now estimate the value of the
Propernyn shares and seek court clearance to hold an auction or
conduct a public sale. It said it would honor other debt
collectors that have also staked a claim to the shares.
RdK did not identify those creditors. Dutch court records
show Houston-based oil company ConocoPhillips also has
an enforcement attachment against PDVSA's Propernyn shares.
Conoco holds a $2 billion arbitral award against PDVSA over
the 2007 expropriation of its Venezuelan assets. It has
collected $754 million.
At its peak, BOPEC could store 10 million barrels of oil and
load large vessels from its deep water docks. But Bonaire last
year ordered it to move oil to safer tanks due to environmental
PDVSA did not respond to a request for comment.
(Reporting by Luc Cohen in New York
Additional reporting by Marianna Parraga and Gary McWilliams in
Editing by Marguerita Choy)