For the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela's foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an auction expected to place the Houston-based company in the hands of rivals or investors.
The auction could start a new chapter for the 113-year-old company, which has been owned by Venezuela for almost 40 years. An unknown is whether Biden administration's decision last week toA senior U.S. State Department official in Washington last week said in a briefing the sanctions easing should not affect the auction. The U.S. separately
Now, the forced auction, which involves a parent whose only asset is the refining firm, offers potential for raising some $13 billion to pay a small number of a, according to official estimates. Few companies are expected to be able to bid for the entire business: three refineries, six pipelines, and 4,200 independent gasoline retailers.Motiva, Valero and Citgo's ultimate parent, Venezuela's state oil company PDVSA, did not reply to requests for comment. Marathon, Citgo and the U.S.
"Citgo will be lost. It is now just a matter of how long the auction will take. We won't be able to even find the leftovers," said Venezuela's former attorney general Jose Ignacio Hernandez.U.S.
Stark, 54, methodically laid the groundwork for Monday's auction by hiring an investment bank and naming a court official to deal with U.S. agencies that protect Citgo. Conoco said it is "pursuing all available legal avenues" to collect its three awards. Exxon declined to comment.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Former Notre Dame Star CJ Prosise Continues To Be A Lucky UnderdogFormer Notre Dame standout CJ Prosise gives insight on his past recruiting process
Lire la suite »
Venezuela's opposition is holding primary to pick challenger for Maduro in 2024 presidential rivalA faction of Venezuela’s opposition is set to pick its candidate for next year’s presidential election
Lire la suite »
Venezuela's opposition is holding primary to pick challenger for Maduro in 2024 presidential rivalA faction of Venezuela’s opposition is set to pick its candidate for next year’s presidential election. Free-market firebrand María Corina Machado is the frontrunner in Sunday’s primary election. But even if she wins, it remains unclear if she would be allowed to run in 2024.
Lire la suite »
Venezuela: María Corina Machado de vuelta y en condición de favorita en primarias de la oposiciónMaría Corina Machado, la legisladora más votada en las elecciones legislativas de 2010 en Venezuela y que luego fue despojada de su investidura parlamentaria, años después de distanciarse de los principales líderes opositores y boicotear sostenidamente anteriores elecciones, contra todo pronóstico volvió al ruedo electoral y ahora figura como...
Lire la suite »
Thawing U.S.-Venezuela Relations Raise Hope for Prisoner ReleasesPresident Maduro’s regime freed five political prisoners after the U.S. lifted oil sanctions, but still holds 270
Lire la suite »
Venezuela's opposition is holding primary to pick challenger for Maduro in 2024 presidential rivalA faction of Venezuela’s opposition is set to pick its candidate for next year’s presidential election.
Lire la suite »