Hitches faced as Venezuela’s Citgo Beelines for U.S. Auction
Image Source: Reuters
In the last four years, the United States of America has done everything possible to shield Citgo Petroleum, an oil refining company, from loan sharks striving to snatch Venezuela’s crown jewel for billions of dollars in assets. However, on Monday, an auction will be initiated by a U.S. judge, anticipated to transfer the company to rivals or investors.
This auction could come as a new beginning for the company that is more than a century old and dated to be possessed by Venezuela for nearly 40 years. An indeterminate issue is if the decision of the Biden administration taken last week to soothe energy sanctions on Venezuela could authorize the nation to pay back the loan sharks and dissolve the lawsuit.
Last week in Washington, a senior U.S. State Department official stated that the sanctions relief should not influence the auction in any way. Although the United States has individually extended Citgo’s safeguarding from loan sharks until January.
Even then, Citgo will most likely be in the control of one or maybe more of the United States’ largest refiners, most probably leaving Venezuela with nothing at all, as reported by the people involved closely.
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