LatinNews Daily - 12 October 2020

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.

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