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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: Crystallex gets favourable ruling in CITGO case

Did someone from ConocoPhillips write this article?

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A federal judge ruled late Thursday that a defunct Canadian mining firm can go after Citgo's assets to collect $1.4 billion it allegedly lost from Venezuela when the government seized mining and energy assets more than a decade ago under the late socialist leader Hugo Chávez.

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While the Canadian firm, Crystallex International, is unlikely to take control of Citgo's refining and retail gasoline assets throughout the U.S., the ruling is expected to kick off an array of new legal claims against Venezuela and its state oil company - from Houston-based ConocoPhillips to other oil and gas firms - with the goal of winning Citgo as the prize, legal and finance experts said. After all, Venezuela owes a lot of money to a lot of different companies.

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He added that ConocoPhillips could make a stronger claim for Citgo because it's already won a $2 billion ruling against PDVSA, and not just Venezuela as a whole.

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If in fact the CITGO is worth  ~8B then there is more than enough to satisfy both and other claims...

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