FERNDALE, Wash. — ConocoPhillips won an arbitration Wednesday against Venezuela’s state-owned oil company after ConocoPhillips took over two of Venezuela’s oil projects in 2007.
Wall Street Journal reports the company won just over $2 billion, but may not get that money since the Venezuela company defaulted on debts and the government stopped paying creditors last fall.
Phillips 66 in Ferndale has operated since 1954, refining a wide variety of crude oil and employing more than 400 people. They are one of several refineries in North America and Europe that operate under the ConocoPhillips company, headquartered in Houston.