The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.  EnergiesNet ” Latin America & Caribbean web portal with news and information on Energy, Oil, Gas, Renewables, Engineering, Technology, and Environment.– Contact : Elio Ohep, editor at  EnergiesNet@gmail.com +584142763041-   The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.
10/01 closing Prices  / revised 10/02/2024  08:16 GMT | 10/01 OPEC Basket $71.34 –$1.66 cents | 09/30 Mexico Bascket (MME)  $63.76 –$0.04 cents (The MME price is not published today due to Tuesday’s presidential inauguration day.)  08/31 Venezuela Basket (Merey)  $62 15   +$1.66 cents 10/01 NYMEX Light Sweet Crude $69.63 +$0.01 cents | 10/01 ICE Brent Sept $73.56 +$1.86 cents | 10/01 Gasoline RBOB NYC Harbor $1.9966 +0.0315 cents | 10/01 Heating oil NY Harbor  $2.1742 +0.0198 cents | 10/01 NYMEX Natural Gas  $2.896 -0.027 cents | 09/27 Active U.S. Rig Count (Oil & Gas) 587 -1 | 10/02 USD/MXN Mexican Peso 19.6214 (data live) 10/02 EUR/USD  1.1072 (data live) | 10/02 US/Bs. (Bolivar)  $36.91870000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch

Venezuela’s US-based refiner Citgo’s parent Sale Hearing Will Likely Be Postponed Until October

Special master seeks more time to make decision on winning bid. Vitol Group, Gold Reserve have made bids for Citgo parent

Venezuela’s state-owned oil company PDVSA has defaulted on bonds that used Citgo as collateral © AP
Venezuela’s state-owned oil company PDVSA has defaulted on bonds that used Citgo as collateral (AP)

Nicolle Yapur, Bloomberg News

CARACAS
EnergiesNet.com 08 02 2024

The court-ordered sale of Venezuela’s US-based refiner Citgo Petroleum’s parent could be postponed for a second time after a court official requested more time to decide on the winning bid.

In a filing Wednesday, the court-appointed special master overseeing the sale, Robert B. Pincus, asked the judge to postpone the deadline for his recommendation on the winning bid for Citgo’s parent, PDV Holding, to Aug. 22. The original deadline was July 31. If granted, the decision is set to push the sale hearing back a month to Oct. 15. 

Shares of PDV Holding are being auctioned off by a Delaware court to satisfy at least part of approximately $20 billion in claims against Venezuela and its state-owned company Petroleos de Venezuela S.A., some of which are tied to arbitration awards and unpaid bonds. The sale was originally supposed to take place in July 15, but it was postponed after the special master said it needed more time to review the bids.

Companies such as independent refiner Vitol Group and Canadian miner Gold Reserve, which is also a Venezuela creditor, have submitted bids. To move forward with the sale, the buyer will need authorization from the US Treasury, since the assets are currently protected from attachment by US sanctions.

Citgo operates refineries in Louisiana, Illinois and Texas and owns stakes in terminals, pipelines and lubricant plants. The sale of its parent company has been marred with controversy, as Venezuela’s president Nicolas Maduro blames the opposition, who controls the country’s foreign assets, for losing the company to creditors.

–With assistance from Jef Feeley.

bloomberg.com 08 01 2024

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.