Venezuela Rejects the Dispossession of CITGO by the US

News from TeleSUR, June 17, 2024

The United States is still in the process of plundering Venezuela’s oil industry. CITGO, Venezuela’s oil refinery and merchandising business, was confiscated by the U.S. and given to fake president Juan Guaido.   [jb]

‘The people will apply implacable justice to those who plotted this plunder against the Republic,’ VP Rodriguez said.

On Monday, Venezuela strongly rejected the forced sale of shares of the Petroleum Corporation (CITGO), a judicial process that the United States continues to carry out in violation of international law.

Venezuela Rejects US Supreme Decision on CITGO

We strongly reject the theft of CITGO instrumentalized by the U.S, government, Leopoldo Lopez, Juan Guaido, Julio Borges, and the neo-facist oligarchy,” Venezuelan Vice President Delcy Rodriguez said, alluding to the far-right politicians who are involved in this looting operation.

Venezuela will not recognize any type of fraudulent transaction. Through a great national union, the Venezuelan people will defend their heritage and will apply implacable justice to those who plotted this plunder against the Republic,” she added.

The Government of the Bolivarian Republic of Venezuela reiterates that it does not recognize the forced sale of CITGO, which is carried out in flagrant contempt for economic guarantees, due process, and the right to defense guaranteed by any civilized nation,” Rodriguez stressed.

Venezuela will continue to adopt all measures at its disposal to prevent the consummation of the definitive dispossession of CITGO, while reserving the exercise of actions against any company or individual that acquires the shares, facilitates the purchase or negotiates with CITGO assets,” she added.

Currently, U.S. authorities are implementing a sale of CITGO shares to supposedly pay its debts. This subsidiary company of Petroleum of Venezuela (PDVSA) is at risk of being seized as a group of creditors have seizure orders that could be executed if the Office of Foreign Assets Control (OFAC) authorizes it.

In January 2019, as a form of pressure to the administration of President Nicolas Maduro, the then-President Donald Trump handed control of CITGO to the Venezuelan far-right opposition. That happened at a time when this oil company was valued at US$12 billion and had three refineries, six pipelines and about 4.200 service stations across the United States.

Since then, CITGO has remained under the control of a board of shareholders that does not respond to the decisions made by PDVSA or the Venezuelan state, a situation that contradicts the most basic principles of international private and public law.

In January 2023, the U.S. Supreme Court accepted that ten creditors participate in the distribution of profits from the auction of CITGO shares. Among the possible beneficiaries are the Canadian company Crystallex and the U.S. company ConocoPhillips, which had acquired the rights to the share auction.

 

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