"Venezuelan Vice President and Minister of Petroleum Delcy Rodriguez has condemned a US court's decision to authorise the fraudulent and forced sale of Venezuelan oil company Citgo in the United States to pay off billions of dollars in debts. We energetically reject the decision adopted in the judicial process, Rodriguez said in a statement read on state television about the sale, which the Venezuelan government has always opposed."
"Delaware Judge Leonard Stark last week ordered the sale of Citgo's parent company to Amber Energy, an affiliate of the hedge fund Elliott Investment Management, for $5.9bn. Elliott Investment Management said in a press release that the court order was backed by a group of strategic US energy investors. Citgo, a Houston-based subsidiary of Venezuela's PDVSA (Petroleos de Venezuela, SA), a state-owned oil company,"
"The company's creditors include the Canadian firm Crystallex, which another US court said was owed $1.2bn by the Venezuelan government in 2019 over Caracas's 2008 seizure and nationalisation of the Las Cristinas mine, which is rich with gold, diamonds, iron and other minerals. The sale of Citgo comes as Venezuelan President Nicolas Maduro claims that the US's recent military build-up in the Caribbean Sea surrounding his country is aimed at seizing Venezuela's vast oil reserves."
A Delaware judge ordered the $5.9bn sale of Citgo's parent company to Amber Energy, an affiliate of Elliott Investment Management, to satisfy creditor claims. Venezuelan Vice President and Petroleum Minister Delcy Rodriguez condemned the decision as a fraudulent, forced sale and rejected it energetically. Citgo, a Houston-based subsidiary of state-owned PDVSA, faces more than $20bn in claims amid broader financial crisis and US sanctions. Creditors include Crystallex, which won a $1.2bn award over the 2008 nationalisation of the Las Cristinas mine. President Nicolas Maduro alleges a US military build-up aims to seize Venezuela's vast oil reserves while exports remain severely reduced.
Read at www.aljazeera.com
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