ConocoPhillips ask court to defer ruling on awards overlap until auction held

ConocoPhillips on Friday asked a U.S. court to put off a decision on overlaps among its awards against Venezuela for past expropriations until proceeds from an auction of shares in a Citgo Petroleum parent are known. U.S. District Court in Delaware is conducting an auction of shares in a parent of the Houston-based Citgo Petroleum to satisfy $21.3 billion in claims against Venezuela's past expropriations and debt defaults.

ConocoPhillips on Friday asked a U.S. court to put off a decision on overlaps among its awards against Venezuela for past expropriations until proceeds from an auction of shares in a Citgo Petroleum parent are known.

U.S. District Court in Delaware is conducting an auction of shares in a parent of the Houston-based Citgo Petroleum to satisfy $21.3 billion in claims against Venezuela's past expropriations and debt defaults. The auction could conclude this year and put the Venezuela-owned refiner in the hands of rivals or investors. Conoco's three claims total more than $11.5 billion, more than half of the total amount of money sought in the case. But an award provision requires it deduct a partial overlap in two of the awards.

"The possibility of a double recovery will not arise until, if ever, the sale process raises at least $16.3 billion," lawyers for Conoco said in a filing, asking the court to reject Venezuela's stance. Reuters previously

reported the highest offer in an initial round of bidding for shares in PDV Holding, the Citgo parent whose only asset is Citgo, was $7.3 billion. A second round of bidding is currently underway.

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