Saturday, June 10

US extends CITGO protection for one year

The United States once again extended a measure that protects the subsidiary of the Venezuelan state oil company, CITGO, fromand the creditors, on this occasion, for one year.

This Thursday, the Treasury Department issued a license in which prohibits the sale or transfer of CITGO shares until January 20, 2023, in relation to the PDVSA 2020 bonds.

Shares of this subsidiary of PDVSA in the United States were used as collateral for these bonds, which matured in October 2019.

The US Treasury Department has been extending the license since at least the end of 2019, and with it, the date of prohibition on the transfer of shares. The last one, granted in September, expired tomorrow, January 21.

Carlos Vecchio, ambassador appointed by the interim government led by Juan Guaidó, celebrated the decision.

This is the largest license extension ever granted to protect and preserve CITGO for the future recovery of Venezuela. We thank the administration of President Joe Biden for this important step in favor of the people of Venezuela,” he said in a post on his Twitter account.

The Government of Nicolas Maduro has ensured that the “unilateral coercive measures” imposed on the oil sector have reduced its capacity and generated large losses.

Voice of America (VOA)