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U.S. extends license protecting Citgo from creditors through mid-August

A logo sign of Citgo Petroleum (rrss)
A logo sign of Citgo Petroleum (rrss)

Reporting by Rami Ayyub, Caitlin Webber and Marianna Parraga, Reuters

Energiesnet.com 04 16 2024

The U.S. Treasury Department extended through mid-August a license protecting Venezuela-owned oil refiner Citgo Petroleum (PDVSAC.UL) from creditors seeking to enforce judgments from past expropriations and debt defaults, according to a Monday post on the department’s website.

The Treasury’s general license 5-O bans transactions related to Venezuelan state oil company PDVSA’s 2020 bonds in the coming months. The bonds were collateralized with a portion of Citgo’s equity.

A U.S. court-organized auction of shares in a Citgo parent to raise proceeds to pay off Venezuela debts is due to wrap up in July, potentially leading to a change in ownership of the seventh-largest U.S. refiner. The Treasury must issue a separate license to complete any sale.

A spokesperson for the U.S State Department on Monday said Washington does not plan to renew a temporary license set to expire on Thursday that widely eased sanctions on Venezuela’s oil and gas sector, unless progress is made by President Nicolas Maduro on commitments for free and fair elections this year.

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Reporting by Rami Ayyub, Caitlin Webber and Marianna Parraga, editing by David Ljunggren

reuters.com 04 15 2024

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