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Reporting by Susan Heavey and Marianna Parraga, Reuters
WASHINGTON/HOUSTON
EnergiesNet.com 08 13 2024
The U.S. Treasury Department has extended through Nov. 12 a general license that protects Venezuela-owned Citgo Petroleum from creditors, according to a notice posted in the department’s webpage on Monday, as a court-organized auction of shares in the parent of the Houston-based refiner enters the last mile.
Since Citgo severed ties with its ultimate parent in 2019, in the aftermath of Venezuela’s President Nicolas Maduro first re-election, Washington has protected the refining company from creditors and bondholders.
The previous license was to expire on Tuesday.
But in a case first introduced by miner Crystallex against Venezuela in Delaware, Citgo has been found liable for the South American country’s debts, allowing 18 creditors to pursue up to $21.3 billion from the auction.
The auction’s sales process is expected to conclude in late October if the court successfully selects a finalist this month. The Treasury’s Office of Foreign Assets Control must give green light to the winner.
Transactions related to bonds issued by Petróleos de Venezuela (PDVSA.UL) that matured in 2020, which were collateralized with Citgo’s equity, can only be made after the deadline set by the Treasury, if not postponed again, according to the license.
Reporting by Susan Heavey and Marianna Parraga; Editing by Caitlin Webber
reuters.com 08 12 2024
