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.

Disclaimer: Fusion media We inform you that the data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and forex prices are provided by the market maker, not the exchange, so prices may not be accurate and may differ from actual market prices. In other words, price is an indicator and is not suitable for trading purposes. Therefore, Fusion Media is not responsible for any transactional losses that may occur as a result of using this data.

Fusion media Alternatively, anyone involved with Fusion Media will not be liable for any loss or damage resulting from relying on the data, quotes, charts, trading signals and other information contained on this website. Be fully informed about the risks and costs associated with trading in financial markets. This is one of the most risky forms of investment possible.

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

Back to top button