09/22 Closing prices / revised 09/25/2023 08:35 GMT  |    09/22    OPEC Basket    95.73        +0.72    |    09/22   Mexico Basket (MME)   $86.99  +0.20 06/23  Venezuela Basket (Merey) $57.37  + 1.15 ( from previous month)  (Est. OPEC)  | 09/22    NYMEX WTI Texas Intermediate  October  CLV23  $90.03     +0.40  | 09/22    ICE Brent November  BRNX23   $93.27   -0.03 | 09/22    NYMEX Gasoline October  RBV23    $2.56    -0.05   09/22    NYMEX  Heating Oil  October HOV23   $3.37     +1.2%   |  09/22    Natural Gas November NGX23    $2.63      +0.02%    09/22   Active U.S. Rig Count (Oil & Gas)    630      -11 | 09/25    USD/MXN Mexican Peso   17.2265  Live data  | 09/25      EUR/USD  1.0632    Live data  | 09/25   US/Bs. (Bolivar)      $33.9912000  ( data BCV)    |

Citgo’s Insurance Suit Over Seized Venezuelan Oil Gets Go-Ahead – Bloomberg

A Citgo refinery in Corpus Christi, Texas
A Citgo refinery in Corpus Christi, Texas (Eric Gay/Associated Press)

Robert Burnson, Bloomberg News

SAN FRANCISCO
EnergiesNet.com 03 16 2023

Citgo Petroleum Corp. may move forward with an attempt to collect more than $40 million it claimed from insurers after Venezuelan authorities in 2020 seized almost a million barrels of its oil.

US District Judge Gregory Wood on Wednesday denied the insurers’ request to dismiss Citgo’s claims, writing that the company had established two important facts: that it owned the oil and that it may have lost it as a result of the political chaos gripping Venezuela, thereby triggering the insurrection clause in its insurance policy.

“When democracy falters, bad things happen,” the judge wrote, including insurance disputes that stem “from the implosion of a democracy.”

Citgo loaded the 960,000 barrels of crude oil on an oil tanker in Paria, Venezuela, in January 2019. As it was loading the oil, then-President Donald Trump sanctioned Venezuelan state-owned company Petróleos de Venezuela SA. That led to a dispute over who owned the oil and Venezueal, with the help of its military, seized it.

The case is Citgo Petroleum Corporation v. Ascot Underwriting Limited, for and on behalf of Lloyd’s Syndicate 1414, 1:21-cv-00389, US District Court, Southern District of New York (Manhattan).

bloomberg.com 03 15 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top