1) The interim Government, through the Office of the Special Prosecutor’s of the Republic, has been defending since March 2019 and up to the present, the rights and interests of the Venezuelan State abroad participating in multiple judicial and arbitration processes. Most of them are caused by compensation obligations or claims derived from illegal or irresponsible actions of the Chávez and Maduro regimes. Within these processes, the defense of the Citgo company stands out, this constitutes the main asset of the Venezuelan oil industry abroad, and it has been attacked by creditors such as Crystallex, Conoco-Phillips and OIEG, companies that have arbitration awards in their favor issued before the establishment of the interim government. Furthermore and after erroneous information was circulated on social networks about an alleged agreement with the company Conoco-Phillips this office denies the existence of any agreement and presented its clarifications on September 22nd, 2021, which are publicly available at :
2) Despite the clarifications issued, some people have continued to disseminate information about the trials and arbitrations carried on by this office in defense of Venezuelan rights and assets abroad, insisting that the interim government entered into an alleged agreement with Conoco, and that it has been negligent in following the judicial processes. Both statements are false and show complete ignorance of the complexity of the processes followed abroad.
3) The truth is that, as can be verified in the respective judicial process (Crystallex International Corp. v. Bolivarian Republic of Venezuela, D. Del. CA No. 1: 17-mc-00151-LPS, Delaware District Court ), on October 1st, 2021, the justice assistant (Special Master) who had indicated an alleged agreement between the Republic and Conoco, clarified that it was an error and asked the Court for the respective correction. As indicated in our communiqué dated September 22nd, although the seizure of the shares of the company PDVHolding (CITGO shareholder) has been decreed, the sale of said shares has not yet been definitively ordered, an appeal that could give the lifting of said embargo and this alleged payment agreement has not been entered into with any one of the plaintiffs.
4) Regarding the eventual execution of an Award for 8.5 Billion dollars, obtained by the same company Conoco, it should be clarified that said Award was issued long before the establishment of the interim Government, being that thanks to the action of the The Special Prosecutor’s Office, in August 2019, the Award was rectified, obtaining a decrease in its amount of more than 200 million dollars. And once the award was considered final or final, at the end of 2019, this office proceeded to request its annulment before the competent body, which is the ICSID ad hoc appeal committee, and also in addition, the suspension of the execution of the referred award. For this reason, and since there were no other legal defenses to file before the Court that heard about the registration of the Award in the United States, it was not necessary to present unfounded defenses or exceptions, which would also have involved new expenses for fees. It should be clarified that the request for rectification of the Award did not imply its recognition, as has been said, but rather a defense that also made possible to proceed procedurally to the annulment phase. For this reason, the efforts of the Republic, through the Special Prosecutor’s Office, have focused on the annulment of the Award. This has been fully executed and with great expectations, since the contested decision was issued in clear violation of the right to the defense of the Republic. In this annulment process before ICSID (ConocoPhillips Petrozuata BV, ConocoPhillips Hamaca BV and ConocoPhillips Gulf of Paria BV [Claimants] vs. The Bolivarian Republic of Venezuela [Applicant]. ICSID Case No. ARB / 07/30), have already been filed all written arguments, and on October 25th, 2021, the respective oral hearings will begin.
5) Recently, what has happened and has been misunderstood is that the Conoco company complied with the guarantees and requirements imposed by the Appeals Committee to lift the suspension of the execution agreed since the end of 2019 and for this reason, said Committee on September 29th, 2021, therefore proceeded to lift it. The plaintiff will try to enforce the Award (although it may be annulled) in the United States or other countries, as it has tried before the court hearing about the recognition of said Award (ConocoPhillips Petrozuata BV, ConocoPhillips Hamaca BV and ConocoPhillips Gulf of Paria BV vs. Bolivarian Republic of Venezuela District Court of the District of Columbia. 1: 19-cv-00683-CJN), where the Venezuelan Republic has not yet acted, and now is the time to review and decide if there are other defenses or exceptions to oppose (depending on the specific request just presented by the plaintiff). Circumstance that was forewarned by this office in a statement presented by the Special Prosecutor to the National Assembly, made public on September 28th, 2021, and which can be accessed through the link: https://t.co/a9cy2h9JRH.
In Bogotá, on the fourth (4th) day of October of 2021.