EL TIGRE Venezuela May 30 Venezuela will appeal
an arbitration ruling allowing refiner Phillips 66 to
acquire state oil company PDVSA's 50 percent stake in a delayed
coking unit at the Sweeny refinery, the oil minister said on
The 70,000 barrel-per-day coking unit was originally owned
by Merey Sweeny LP, a joint venture between PDVSA and
But the International Chamber of Commerce's arbitration
panel ruled in April that Phillips 66 could exercise its right
to acquire PDVSA's 50 percent after agreeing with Phillips 66
that PDVSA had violated a supply agreement.
Oil Minister Rafael Ramirez, asked about the issue at a
press conference, said, "Yes, of course, we are going to defend
The Sweeny refinery in Old Ocean, Texas, was owned by
ConocoPhillips until 2012, when it spun off its refining
assets through the creation of Phillips 66 as a separate
refining company and left ConocoPhillips as an upstream
ConocoPhillips filed an arbitration claim against Venezuela
in 2007 at the World Bank's International Centre for Settlement
of Investment Disputes for the takeover of assets, including two
heavy crude projects in the Orinoco Belt.
It initially sought $30 billion in compensation, while
Venezuela offered to pay only $2 billion.
(Reporting by Alexandra Ulmer; Writing by Brian Ellsworth;
Editing by Jan Paschal)