Venezuela Paying Exterran for Appropriated Assets
Monday, March 26, 2012
Exterran Holdings Inc. said Venezuela will pay it US$112.4 million for assets nationalized in 2009.
Subsidiaries of Exterran and Williams operated the WilPro Energy Services Ltd. El Furrial Ltd. and PIGAP joint ventures providing gas compression and injection services to a Petroleos de Venezuela affiliate. Exterran owned 33.3% of El Furrial and 30% of PIGAP II. Williams held 66.7% and 70%, respectively.
Exterran received US$37.6 million initially and will get the balance in payments through the first quarter of 2016. Williams collected US$147 million and is due to get US$165 million in future payments.
Williams is also getting US$63 million for its interest in Accroven SRL, which operates two natural gas liquid extraction plants, a fractionation plant and associated storage and refrigeration facilities.
Exterran and Williams said they would suspend an arbitration proceeding they had filed against Venezuela for full payment for the nationalized assets.
For more information: www.exterran.com