US extends protection of Venezuela-owned Citgo from creditors
The extension keeps Citgo shielded from creditor claims as a Delaware-ordered sale to Amber Energy awaits Treasury approval.
- On Monday, the United States Treasury Department extended a protective license for Venezuela-owned Citgo Petroleum through June 19, safeguarding the Houston-based refiner from creditors.
- Citgo, the eighth-largest refiner in the United States, faces a court-ordered auction of its parent, PDV Holding, mandated by a Delaware judge to settle billions owed to Venezuelan-linked creditors.
- Amber Energy, an affiliate of Elliott Investment Management, promised $11 billion in investments if the Office of Foreign Assets Control releases the refiner, including 125,000 barrels per day in capacity at Citgo Corpus Christi Refinery.
- Washington has been easing sanctions on Venezuela since United States forces captured President Nicolas Maduro in January, with the government now controlling the OPEC country's oil sales proceeds through a fund.
- Although Amber expects to take control, the Delaware judge's sale order requires the Office of Foreign Assets Control's sign-off to be fully executed before ownership transfers.
15 Articles
15 Articles
Omaha World-Herald
US extends license that gives Citgo protection
The United States has extended a license that protects Venezuela-owned refiner Citgo Petroleum from creditors through June 19, according to a statement on the U.S. Treasury Department's website on Monday.
On Monday, the United States again extended the protection of the Citgo refinery, a subsidiary in the United States of the Venezuelan state oil company Pdvsa, against its creditors. The Treasury Department issued a general license, replacing that of last March, which authorizes from June 19 transactions related to a debt bond of Pdvsa, but maintains restrictions that prevent the holders from executing guarantees on Citgo. The bond in question, i…
U.S. Extends Citgo's Protection to Boost Venezuela's Oil Investments
The United States has prolongated a license shielding Citgo Petroleum from creditors until June 19. This protects Venezuela's foreign assets, encouraging investment and oil output. Citgo's takeover by Amber Energy is pending OFAC's approval, with $11 billion pledged for investment.
The Treasury Department issued a general license to replace the one issued in March, which authorizes from June 19 transactions related to a debt bond of Pdvsa. The post United States extended until June protection of Citgo against its creditors appeared first on NATIONAL.
(EFE).- The United States again extended on Monday the protection over the Citgo refinery, a subsidiary in the United States of the Venezuelan state oil company Pdvsa, against its creditors. The Treasury Department issued a general license, replacing that of last March, which authorizes from June 19 transactions related to a debt bond of Pdvsa, but maintains restrictions that prevent the holders from executing guarantees on Citgo. The bond in qu…
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