(Reuters) – Courts in Curacao and Bonaire have partially lifted attachments introduced by ConocoPhillips <COP.N> aiming to seize Venezuelan state-run oil company PDVSA’s [PDVSA.UL] assets to satisfy a $2 billion (£1.48 billion) arbitration award, the U.S. oil firm said on Friday.
The courts ruled that fuel stored at PDVSA’s facilities in the Caribbean islands must be released to supply local distributor Curoil. Proceeds from the fuel sales are expected to be transferred to bank accounts, Conoco said in a statement.
“We are pleased with the result, as this is consistent with the proposal made by ConocoPhillips to both (islands’) local authorities, Curoil and the local courts,” the firm said.
(Reporting by Marianna Parraga, editing by G Crosse)