WASHINGTON.- USA extended until mid-April the license that prevents bondholders from PDVSA 2020 take control of 50.1% of the shares of Citgo, subsidiary of the Venezuelan state oil company, the Treasury Department reported this Tuesday.
The Office of Foreign Assets Control (OFAC) of this department issued the 5N license that “authorizes certain transactions” related to PDVSA bonds maturing in 2020 as of April 16, 2024. In practice this means another three months of protection for US-based Citgo.
These bonds were issued in 2016 by the Nicolás Maduro regime, which put 50.1% of Citgo shares as collateral.
Control of the company was given to the opposition in 2019 by the United States, which since that year has no official link with the Maduro regime and considers the opposition assembly elected in 2015 to be the only “legitimate” institution.
CITGO stock auction
The extension of the license does not stop the auction process of shares of Citgo which was authorized by a court for creditors to collect what they are owed for expropriations by the Venezuelan regime and bond maturities.
The lawsuits of these companies against Citgo exceed $20 billion.
A few days ago the United States Supreme Court refused to review the ruling authorizing the auction, so the process continues and is expected to take place in the coming months..
Both the regime and the opposition firmly reject the embargo process.
The claims of the Nicolás Maduro regime regarding Citgo exceed $20 billion, according to the London-based consulting firm EMFI Scurities.
Venezuela’s chances of stopping it are slim but it still has an appeal pending before a New York appeals court.
The United States continues to consider the opposition-majority parliament elected in 2015 “legitimate”
To encourage dialogue, Joe Biden’s government partially lifted sanctions on Venezuelan oil, gold and gas on the condition that elections are held and are “free.”
“Judicial Decisions”
The Venezuelan businessman Pedro Mario Burelli He expressed on his social network
Burelli emphasized that CITGO’s eventual losses would not be the responsibility of the Interim Government, but rather the irresponsible actions of the late Hugo Chávez and the Venezuelan dictator, Nicolás Maduro, which generated sentences and claims.
Furthermore, Pedro Mario Burelli points to the Chavista management, led by Nelson Martínez and Asdrubal Chávez, of corruption, highlighting that the US Department of Justice has been investigating since 2019 without making the results public.
He also warns about the possibility of CITGO ending up in the hands of third parties if Joe Biden’s administration does not adequately address the situation in Venezuela.
Source: AFP/DLA Editorial
