A U.S. appeals court ruling marks a defeat for Venezuela’s U.S.-backed opposition leaders in their efforts to safeguard Citgo from seizure
By Andrew Scurria Updated Sept. 30, 2019 3:59 pm ET A U.S. appeals court is letting one of Venezuela’s creditors resume efforts to take control of Citgo Petroleum Corp. and raising the odds of a forced sale for the South American nation’s largest seizable asset in the U.S.
Monday’s ruling removes an impediment to the potential auction and marks a defeat for Venezuela’s U.S.-backed opposition leaders, who have tried to safeguard the company from seizure since taking effective control of the refining company from President Nicolás Maduro’s government. But the Canadian company was the first to fight its way to the company’s front door, winning permission from a Delaware federal judge last year to seize Venezuela’s shares in Citgo’s U.S. parent company.
Related Reading Led by self-proclaimed president Juan Guaidó, Venezuela’s opposition government took effective control of Citgo in February from the Maduro regime and urged U.S. courts to protect the company from creditors. Citgo’s refineries were key buyers of Venezuelan crude until the White House imposed sanctions that shut down oil trading between the U.S. and Venezuela.
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