UPDATE 1-Courts in Curacao, Bonaire partially lift seizures against PDVSA

(Adds court decisions, context on dispute)

May 18 (Reuters) - Courts in Curacao and Bonaire have partially lifted attachments introduced by ConocoPhillips aiming to seize Venezuelan PDVSA's assets to satisfy a $2 billion arbitration ruling, according to a copy of the documents seen by Reuters.

Conoco has aggressively moved to take over state-run oil firm PDVSA's inventories, cargoes and facilities following an award by the International Chamber of Commerce last month.

The dispute has particularly affected the Caribbean, where PDVSA owns and operates refineries and terminals that supply several islands.

"Both the court in Curacao and those in Bonaire have decided that the attachments must be lifted to the extent that this is necessary for the fuel and/or electricity supply on both islands," the Common Court of Justice said in a release.

The proceeds from the fuel sales to local distributor Curoil must be transferred to a specially designated account, where the money will remain until it is established whether Conoco or PDVSA is entitled to it, the court added.

"We are pleased with the result, as this is consistent with the proposal made by ConocoPhillips to both (islands') local authorities, Curoil and the local courts," Conoco said in a statement.

PDVSA was not immediately available for comment.

Conoco's seizure requests froze PDVSA's oil inventories in Aruba, Curacao, Bonaire and St. Eustatius, as well as two oil cargoes off Aruba. Curacao's 335,000-barrel-per-day Isla refinery is currently operating, but PDVSA has not sent crude to be processed in that facility since last week, so it is expected to halt operations in the near future, according to PDVSA sources.

The Bonaire and Curacao judges also ruled that PDVSA must resume fuel deliveries to Curoil, but it is unclear how Isla would continue processing crude to produce the fuel.

(Writing by Marianna Parraga; Additional reporting by Mike Willemse in Willemstad; Editing by G Crosse and Leslie Adler)