A U.S. judge has granted four companies the right to seize shares in the parent of refiner Citgo Petroleum Corp (PDVSAC.UL) to collect on debts owed by Venezuela, in the event U.S. sanctions on that country are modified.
had earlier won rulings from Stark allowing them to potentially benefit from any sale of PDV Holding shares once sanctions allow for it.
In 2018, Stark said Crystallex had proven that PDVSA was Venezuela's alter ego. Conoco's claim is against PDVSA. Washington imposed oil sanctions on PDVSA in 2019 in a push to oust Venezuela's socialist President Nicolas Maduro, who it has accused of human rights violations and rigging his 2018 re-election.
Maduro denies the allegations and has said the U.S. government wants Venezuela's oil. Venezuela is a member of OPEC. Horacio Medina, the chairman of the opposition-appointed PDVSA board controlling the company's foreign assets, said Venezuela will appeal."Sooner than later, the sanctions as a protective wall will break down and those creditors will be able to take away Citgo," said Jose Ignacio Hernandez, previously the opposition's chief overseas legal representative.Our Standards:
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