Venezuela, Affiliates Tell 3rd Circuit Court Erred By Ordering Oil Share Sale

Mealey's (June 24, 2021, 1:49 PM EDT) -- PHILADELPHIA — The Bolivarian Republic of Venezuela, its state-owned oil company Petróleos de Venezuela S.A. (PDVSA) and other affiliated entities write in a June 22 appellant brief to the Third Circuit U.S. Court of Appeals that a Delaware federal court violated federal regulations and state law by ordering them to prepare for an auction of PDVSA’s oil shares to satisfy an arbitral award against Venezuela worth more than $1.4 billion....