Summary

IN THE MATTER OF AN APPLICATION TO ENFORCE A NEW YORK CONVENTION AWARD PURSUANT TO SECTIONS 4 (1) OF THE ARBITRATION (FOREIGN ARBITRAL AWARDS) ACT CAP. 5:30, SECTION 66(3) OF THE ARBITRATION ACT 2023, AND SECTION 20 OF THE ARBITRATION ACT CAP. 5:01 AND IN THE MATTER OF AN APPLICATION UNDER RULE 44.10 OF THE CONSOLIDATED CIVIL PROCEEDINGS RULES FOR SUMMARY ENFORCEMENT OF THE AWARD AND
IN THE MATTER OF ICC CASE NO. 20549/ASM/JPA (C-20550/ASM) - (1) PHILLIPS PETROLEUM COMPANY VENEZUELA LIMITED AND (2) CONOCOPHILLIPS PETROZUATA B.V. v (1) PETRÓLEOS DE VENEZUELA, S.A., (2) CORPOGUANIPA, S.A. AND (3) PDVSA PETRÓLEO, S.A. BETWEEN: (1) PHILLIPS PETROLEUM COMPANY VENEZUELA LIMITED. (2) CONOCOPHILLIPS PETROZUATA B.V. CLAIMANTS -and- (1) PETRÓLEOS DE VENEZUELA, S.A. (2) CORPOGUANIPA, S.A. (3) PDVSA PETRÓLEO, S.A. DEFENDANTS.

... For the reasons outlined, this Court found that there exists a good and arguable case for the appointment of the interim receiver as there exists a real risk of dissipation of assets. The Court further found that it was just, convenient and proportionate to grant the reliefs sought under the Notice of Application. Accordingly, the Court issued an order in the terms of the draft order which was annexed to this Notice of Application.