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 Friday. The 70,000 barrel-per-day coking unit was originally owned by Merey Sweeny LP, a joint venture between PDVSA and Phillips.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 ourselves legally."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 producer.
ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP traded higher by 0.49% or $0.39/share to $79.94. In the past year, the shares have traded as low as $58.71 and as high as $80.54. On average, 5571460 shares of COP exchange hands on a given day and today's volume is recorded at 5993110.
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. Shares of PSX traded higher by 0.56% or $0.47/share to $84.79. In the past year, the shares have traded as low as $54.80 and as high as $85.42. On average, 3258210 shares of PSX exchange hands on a given day and today's volume is recorded at 4140886.
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