Carlos Camacho, Argus media
EnergiesNet.com 07 26 2023
The Office of Foreign Assets Control (OFAC), Treasury Department’s enforcement arm, on Wednesday extended the protections until 20 October.
A Delaware judge ruled in 2022 that Citgo’s shares can be auctioned to pay some $3.3bn to ConocoPhillips and other companies affected by nationalization of their Venezuelan assets. But OFAC has continued to issue licenses that keep the sale from going forward.
Since 2019 Citgo has largely operated independent from the Caracas government, saying it would only obey the rulings of the 2015 opposition-dominated National Assembly.
argusmedia.com 07 19 2023