Andean Group - August 2023

VENEZUELA | Citgo auction due in October. On 21 July a US Judge established a priority ranking of creditors expected to claim a share of funds from the planned auction of PDV Holding, a US-based subsidiary of Venezuela’s state oil company Petróleos de Venezuela (Pdvsa) which owns Citgo, the sixth largest refinery company in the US. PDV Holding will be auctioned in a process commencing on 23 October. More than a dozen creditors including oil company Conoco Phillips and German chemical and engineering group Siemens have presented over US$5bn in claims against Venezuela and will seek a share of the proceeds of the auction. Judge Leonard Stark of a Delaware court said priority in fund distribution would be given to Crystallex International, which is seeking US$1.2bn in compensation for the expropriation of a gold mine it owned in Venezuela more than 10 years ago. The Caracas government claims the Citgo auction is a form of theft.

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