Business & Investment

U.S. Reuters extends Citgo protection from PDVSA creditors until July

© Reuters.File Photo: Citgo Petroleum Corporation is headquartered in Houston

Washington (Reuters)-US Treasury bans Venezuelan state oil company Petroleos de Venezuela’s 2020 bond-related transactions until July 2021 in strict U.S. sanctions against South American countries It was extended.

The move effectively prohibited PDVSA creditors from seizing shares in the parent company of PDVSA’s subsidiary Citgo Petroleum Corp, a US refiner, which was used as bond collateral.

Previous measures were set to expire on January 19, the day before Joe Biden’s oath in the US presidential election.

President Donald Trump’s administration in early 2019 is at the lifeline of the Venezuelan economy as part of an effort to expel President Nicolas Maduro, who accuses dozens of Western nations for corruption, human rights abuses and fraudulent reelections in 2018. Approved a PDVSA.

These sanctions include opposition leader Juan Guaidó being recognized as the legitimate president of Venezuela, and the opposition’s eighth-largest US refiner with a daily production capacity of approximately 769,000 barrels, Citgo. Paved the way to rule.

Citgo refused to comment on increased protection for creditors.

US officials argue that allowing creditors to control the company represents a setback in Guaidó and US policy.

Maduro has accused him of opposition to “stealing” Citgo, and Washington claims he is trying to expel him in a coup to manage OPEC’s vast oil reserves.

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U.S. Reuters extends Citgo protection from PDVSA creditors until July

https://www.investing.com/news/stock-market-news/us-extends-protection-for-citgo-from-pdvsa-creditors-through-july-2374783 U.S. Reuters extends Citgo protection from PDVSA creditors until July

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