Post #1437

Venezuela’s US-based oil refiner CITGO suffered a fresh setback with a judicial ruling favoring oil corporation ConocoPhillips. On Thursday, Delaware District Judge Leonard P. Stark dismissed a motion seeking to stop the firm from joining a court-mandated auction of shares of CITGO’s parent company PDV Holding to satisfy a string of creditors. Worth an estimated US $13 billion, CITGO, a subsidiary of Venezuela’s state oil company PDVSA, risks being broken up in the coming months after Stark set the share sale process in motion. https://venezuelanalysis.com/news/venezuela-conocophillips-closer-to-seizing-citgo-shares-over-massive-award/