Tuesday, March 26, 2019

PDVSA Sued in US Court over Nonpayment

May 9, 2018

Venezuela's state-run oil firm PDVSA is being sued for more than $25 million in a U.S. court over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, according a court filing.

The suit, filed in a district court in Manhattan, is the latest in a recent series of court actions seeking to press the cash-strapped oil firm for payment, with actions in recent days by ConocoPhillips (COP) and Rusoro. PDVSA's declining oil revenues have thrown Venezuela into severe recession. 

(Reporting by Gary McWilliams, Editing by Rosalba O'Brien)

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