Venezuela: On 6 October, the US Department of the Treasury’s Office of Foreign Assets Control (Ofac) again extended a measure barring creditors of Venezuela’s state-owned oil company Petróleos de Venezuela (Pdvsa) from seizing shares of its US-based refining subsidiary, Citgo Petroleum Corporation, until 19 January 2021. This protection provided by the US Department of the Treasury has already been extended multiple times, and was set to expire on 20 October. In 2016, Pdvsa pledged a majority stake in Citgo as collateral for its 2020 bond, which is now in default. Following the recognition by the US government of Venezuelan opposition leader
Juan Guaidó as the country’s interim president, US courts granted approval to a board appointed by Guaidó to take control of Citgo, which Pdvsa has owned since the 1990s.
End of preview - This article contains approximately 618 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options