Dentons Europe LLP has advised Petróleos de Venezuela S.A. (PDVSA) on the settlement of all disputes between PDVSA and Refineria di Kòrsou (RdK). This settlement puts an end to multiple arbitrations and court proceedings between PDVSA and RdK.

PDVSA had entered into contractual arrangements in 1985 with RdK to operate RdK’s refinery and oil terminal in Curaçao. The contractual arrangements were terminated by RdK in 2019. RdK also commenced court proceedings seeking damages and compensation. PDVSA responded by instituting an ICDR arbitration. While these proceedings were ongoing, RdK was not able to find a new operator, and as such, has not fully operated its facilities since 2020.

Under the settlement, PDVSA will supply crude oil to RdK and will also commence discussions on long term gas supply and other commercial arrangements. This will allow RdK to recommence operations.

PDVSA is the national oil company of the Bolivarian Republic of Venezuela and RdK is a company owned by the Government of Curaçao, which operates a refinery and oil terminal in Curaçao.

Partner David Syed, Head of the Sovereign Advisory practice at Dentons Europe LLP, led the legal team advising PDVSA. Partner Anna Crevon, Global Co-Head of Dentons’ International Arbitration Group, Partners Anouk Rosielle and Michel Deckers, Counsel Jordi van Borssum Waalkes, and Senior Associate Asha Rajan represented PDVSA in the litigation and arbitration. Senior Counsel Ramu Ramaswamy and Associate Doris Torres advised on the commercial settlement.

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