Venezuela Criticizes US Court's Decision on Citgo Sale

Venezuelan Petroleum Minister Delcy Rodríguez has vehemently denounced a US court ruling permitting the divestiture of Citgo, deeming it “fraudulent” and “coercive.” This $5.9 billion sale involves transferring ownership of Citgo's parent company to Amber Energy, linked with Elliott Investment Management.

Citgo, a subsidiary of Venezuela’s national oil company PDVSA based in Houston, is grappling with over $20 billion in creditor claims, including a $1.2 billion ruling for Canadian firm Crystallex regarding the nationalization of the Las Cristinas gold mine in 2019.

This decision unfolds as President Nicolás Maduro accuses the United States of military maneuvers in the Caribbean aimed at appropriating Venezuela's oil reserves. Despite possessing the largest proven oil reserves globally, Venezuela only exported $4.05 billion worth of crude oil in 2023 due to stringent sanctions.

Maduro is urging OPEC nations to respond to what he perceives as escalating US threats, although experts are skeptical about garnering support for this appeal. Recent years have seen Venezuela redirect its oil exports away from the US to nations like China, India, and Cuba due to sanctions and trading obstacles.

PDVSA continues to face significant hardships stemming from underinvestment, outdated infrastructure, mismanagement, and the lingering impact of international sanctions.

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Venezuela Criticizes US Court's Decision on Citgo Sale

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