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But all Wright's family wants is for the 38-year-old businessman to be returned home. That position was reaffirmed Friday by the U.S. State Department in response to questions about Wright’s arrest. Some former Trump administration officials say Wright’s arrest is just the latest example of Maduro acting in bad faith. “He loved the nomadic lifestyle,” said Stewart, who didn't know her son was in Venezuela until she learned of his arrest. Wright’s family is speaking out because they feel the U.S. government hasn’t done enough to free him.

Persons: Biden, Savoi Wright’s, Nicolás, hasn’t, “, ”, Erin Stewart, Wright, Joe Biden, Maduro, Maria Corina Machado, Machado, Matthew Miller, Donald Trump's, Juan Guaidó, Kimberly Breier, Trump’s, Elliott Abrams, Maduro’s, Stewart, ” Stewart, Venezuela’s, Tarek William Saab didn’t, Luke Denman, Airan Berry —, — Eyvin Hernandez, Jerrel Kenemore, Joseph Cristella —, Moizeé Stewart, Wright’s, ” ___ Goodman, Tucker Organizations: U.S, Venezuelan, Associated Press, Oakland, U.S . State Department, Trump, Maduro, State Department, Loyola Marymount University, Green, FBI, U.S . Embassy, The State Department Locations: California, Venezuela, OPEC, Barbados, United States, Latin America, Washington, Colombia, Houston, Berkeley , California, Oakland, Miami, South America, U.S, Investigative@ap.org

The auction could start a new chapter for the 113-year-old company, which has been owned by Venezuela for almost 40 years. Washington and Venezuela's political opposition wanted Citgo to anchor the country's economic future under a democratically elected government. The sale could become the biggest court auction ever held. Motiva, Valero and Citgo's ultimate parent, Venezuela's state oil company PDVSA, did not reply to requests for comment. "Citgo will be strategic for Venezuela in the next 20-25 years, not only as a refining company, but with an expanded role," director Medina said.

Persons: Biden, Citgo, Nicolas Maduro's, Matthew Blair, Tudor, Blair, Jose Ignacio Hernandez, Leonard Stark, PDVSA, PDV, Juan Guaido, Natalie Shkolnik, Wilk Auslander, Nicolas Maduro, Stark, Evercore, Conoco, Horacio Medina, Carlos Jorda, Medina, Hernandez, Marianna Parraga, Erwin Seba, Gary McWilliams, Anna Driver Organizations: U.S . State Department, Reuters, Marathon Petroleum, Motiva Enterprises, Valero Energy, Koch Industries, Valero, U.S . Treasury, Holt, U.S, Crystallex International, PDVSA, National Assembly, Citgo, PDV, Supreme, Evercore, ConocoPhillips, Exxon Mobil, Exxon, U.S . Treasury Department's, Foreign Assets Control, Thomson Locations: United States, Petroleum, U.S, Houston, Venezuela, Washington, Saudi, Pickering, Citgo, Delaware, Caracas

REUTERS/Leonardo Fernandez Viloria/File Photo Acquire Licensing RightsNEW YORK/CARACAS, Oct 19 (Reuters) - Venezuela's sovereign bonds rallied on Thursday, a day after the United States lifted its ban on secondary market trading of some of the country's eurobonds, with investors eyeing a debt restructuring on some $60 billion of defaulted debt. "Prices have almost doubled in the past 24 hours but are still well below the pre-sanctioned levels," said Edward Cowen, CEO of Winterbrook Capital, who has co-invested in a fund to buy Venezuelan debt. Cowen added that a return to Venezuela's regular weighting on global indexes like JPMorgan's would give the prices further support. "I think the market was caught by surprise as the ban on secondary trading of bonds was not expected to be removed this early in the negotiation," said Armando Armenta, senior economist for global economic research at AllianceBernstein. Small funds and investors outside the United States had looked to increase their exposure to Venezuelan bonds on the expectation of debt renegotiations.

Persons: Leonardo Fernandez Viloria, PDVSA, Edward Cowen, Cowen, Armando Armenta, Maria Corina Machado, Rodrigo Campos, Mayela, Marc Jones, Corina Rodriguez, Christina Fincher, Will Dunham Organizations: REUTERS, South, Winterbrook, U.S . Treasury Department, Petroleum, Venezuelan, U.S . State Department, Mayela Armas, Thomson Locations: Bolivar, Caracas, Venezuela, CARACAS, United States, South American, U.S, Venezuela's, Venezuelan, New York, London, Madrid

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The United States on Wednesday lifted for six months most restrictions on Venezuela for producing, selling and exporting oil to its chosen markets. Not all sanctions on PDVSA were lifted by the United States. Before sanctions, India and the United States were other top destinations. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets Control, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Italy's Eni, United, Thomson Locations: Caracas, Venezuela, Venezuelan, United States, U.S, Asia, PDVSA, American, CHINA, EUROPE, China, India, PetroChina, Maduro, Washington

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The U.S. on Wednesday lifted most restrictions on Venezuela for six months for producing, selling and exporting oil to its chosen markets. But it is not expected to significantly boost Venezuela's deteriorated oil production or immediately lead to stronger exports. Venezuela can now receive direct payments for goods or services under the license issued by OFAC, which oversees American sanctions. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Washington, Pedro Tellechea, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham, Marguerita Choy Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets, Oil, OFAC, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Eni, Thomson Locations: Caracas, Venezuela, Venezuelan, U.S, Asia, PDVSA, United States, American, CHINA, EUROPE, China, India, PetroChina, Houston, Maduro, Washington

[1/2] Venezuela's President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi at the Miraflores Palace, in Caracas, Venezuela June 12, 2023. It was not immediately known how soon the U.S. might act or how far it could go with sanctions relief. U.S. sources have also said any relaxation of sanctions would be reversible if Maduro fails to meet his election commitments. Maduro, president since 2013, is expected to run for re-election but has not yet formalized his candidacy. The U.S. imposed sanctions on Venezuela to punish Maduro's government following a 2018 election that Washington considered a sham.

Persons: Nicolas Maduro, Ebrahim Raisi, Leonardo Fernandez Viloria, Joe Biden's, Maduro, Maria Corina Machado, Jorge Rodriguez, Rodriguez, Gerardo Blyde, Machado, Maduro's, Washington, Deisy Buitrago, Vivian Sequera, Matt Spetalnick, Julia Symmes Cobb, Will Dunham, Josie Kao Organizations: REUTERS, Rights, European Union and United Nations, Reuters, U.S, Petroleum, Thomson Locations: Miraflores, Caracas, Venezuela, Rights CARACAS, WASHINGTON, U.S, Washington, Maduro, Barbados, Qatar, Houston

CNN —Venezuelan authorities have issued an arrest warrant against former opposition leader Juan Guaido, the country’s attorney general said Thursday. “Juan Guaido used PDVSA resources to finance himself, pay his legal expenses, and forced PDVSA to accept his financing terms. However, during a live transmission on his Instagram account, Guaido called the allegations against him “false” and challenged President Maduro to submit to justice. In June, the International Criminal Court ruled that prosecutors should resume investigating alleged crimes against humanity in Venezuela by security forces under President Maduro. Why did the dictatorship not do it before?” he said of the arrest warrant.

Persons: Juan Guaido, Tarek William Saab, Guaido, “ Juan Guaido, PDVSA, ” Saab, ” Guaido, Nicolas Maduro, “, ”, Guaido’s, Maduro, let’s, Biden, Antony Blinken Organizations: CNN, Venezuelan, Venezuelan National Assembly, Saab, Interpol, Guaido, ” CNN, Criminal Locations: Caracas, Venezuelan, Colombia, Miami, Venezuela, The Hague, Mexico

Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route. "They will be competing for barrels that no longer transit through their region," said a Calgary-based oil trader. That has left Canadian oil producers vulnerable to deep price discounts or "blowouts" whenever pipelines become congested or rupture. The start-up of TMX could add a "buck or two" to the cost of a barrel for Midwest refiners, he estimates. So far this year, over 200,000 bpd of Canadian crude has been re-exported from the U.S. Gulf Coast, up from about 73,000 bpd in 2019, Kpler data showed.

Persons: Rory Johnston, Matt Smith, Smith, Stephanie Kelly, Nia Williams, Laura Sanicola, Marguerita Choy Organizations: U.S ., U.S, BP, Citgo Petroleum, Exxon Mobil, Koch Industries, Flint Hills Resources, Canadian, Energy, Administration, TC, Keystone, refiners, Americas, Thomson Locations: CALGARY, Alberta, Coast, U.S, U.S . Midwest, Gulf Coast, Midwest, Flint, Calgary, Canada, Pacific, U.S . West Coast, Asia, Gulf, China, Kpler

☆ Florida Officials Warn of Fuel Contamination as Idalia Approaches
▼ + stars: | 2023-08-28 | by ( Rebecca Carballo | More About Rebecca Carballo | ) www.nytimes.com time to read: 1 min

Floridians face “potentially widespread” fuel contamination along the state’s Gulf Coast that could damage vehicles as Tropical Storm Idalia approaches and residents potentially face evacuation orders, state officials said a day after the governor declared a state of emergency for the storm. Fuel purchased after 10 a.m. on Saturday at stations at the Port of Tampa supplied by Citgo has a strong chance of being contaminated, the Florida Department of Agriculture and Consumer Services said on Sunday. The contamination happened through the accidental mixing of diesel and gasoline, Gov. Ron DeSantis of Florida said at a news conference on Sunday. “They put diesel in tanks that were supposed to be regular gas.”

Persons: Idalia, Citgo, Ron DeSantis, ”, “ Organizations: Fuel, Port, Florida Department of Agriculture, Consumer Services, Gov Locations: Tampa, Florida

☆ Venezuela appeals to US Supreme Court in last ditch move to limit Citgo auction
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

Aug 17 (Reuters) - Venezuela is making a last ditch attempt to limit the number of companies that could participate in a court-ordered auction of shares in a parent of oil refiner Citgo Petroleum, appealing to the U.S. Supreme Court to overturn a lower court's ruling. Venezuela's petition is asking the Supreme Court to find the lower court's "alter ego" decision was faulty. It does not affect the case against Venezuela filed by miner Crystallex International, whose $970 million claim led to the proposed auction of shares. The petition seeks to have briefs filed by September 15 - just ahead of the start of the proposed auction. A Delaware court judge has set Oct. 23 as the start date for the auction.

Persons: Nicolas Maduro, Gary McWilliams, Deepa Babington, David Gregorio Our Organizations: Petroleum, U.S, Supreme, ConocoPhillips, Exxon Mobil, Tenaris SA, CITGO Petroleum Corporation, Venezuela, Crystallex, Thomson Locations: Venezuela, PDV, United States, Illinois , Louisiana, Texas, Delaware, Houston, PDVSA

The country's elected opposition-led National Assembly in 2019 issued an order naming supervisory boards to look over Venezuela's foreign assets after the U.S. imposed sanctions intended to oust President Nicolas Maduro. The congress is the only one recognized abroad and has received U.S. authority to negotiate any external debt payments. If the proposal is passed, the National Assembly would allow negotiations to extend the bonds' validity for five more years, according to a source involved in the talks. Venezuela's external debt, including PDVSA's, exceeds $60 billion. Reporting by Mayela Armas in Caracas and Marianna Parraga in Houston Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nicolas Maduro, Horacio Medina, Mayela Armas, Marianna Parraga, Marguerita Choy Organizations: National Assembly, Washington, U.S, Administration, Citgo Petroleum, Crystallex International, ConocoPhillips, Thomson Locations: CARACAS, HOUSTON, Venezuelan, Venezuela, Delaware, Caracas, Houston

REUTERS/Jonathan Bachman/File PhotoHOUSTON, July 21 (Reuters) - A U.S. court set Oct. 23 as the start date for a long-expected auction of shares in Venezuela-owned refiner Citgo Petroleum's parent to pay creditors with judgments against the South American nation. U.S. Judge Leonard Stark in Delaware this week accepted a recommendation by a court official in charge of organizing the auction. Proceeds from any sale of PDV Holding shares would be used to pay off creditors previously cleared by the court. Any sale of Citgo without the participation of Venezuela would be "hurtful," Pedro Tellechea, Venezuela's oil minister, said on Friday. "It's not a PDVSA asset.

Persons: Jonathan Bachman, Judge Leonard Stark, PDV, Pedro Tellechea, Horacio Medina, Stark, Venezuela's, Hugo Chavez, PDVSA, Marianna Parraga, Gary McWilliams, Richard Chang, Grant McCool Organizations: Citgo Petroleum, REUTERS, South, Petróleos, PDV, U.S . Treasury Department, PDVSA, Crystallex, ConocoPhillips, Siemens Energy, Tree Investments, Inc, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, Thomson Locations: U.S, Stowell , Texas, Venezuela, South American, PDV, Delaware

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

☆ How long does it take to charge a Tesla?
▼ + stars: | 2023-07-09 | by ( Graham Rapier | ) www.businessinsider.com time to read: +5 min

You can either charge your Tesla at home, use one of their Superchargers, or a Destination charger. Tesla recommends plugging in your car overnight while you sleep to top off the battery and charging up to 90%. The carmaker claims the Tesla Model S can add 200 miles of range in just 15 minutes using one of the company's most powerful Superchargers. Model 3 and X can add 175 miles in 15 minutes at a Supercharger and Tesla Model Y can add 162 miles in 15 minutes. How long will a Tesla go on a full charge?

Persons: Tesla Organizations: Tesla, Destination Chargers, Chargers Locations: Tesla's

July 7 (Reuters) - A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. That court is in the initial steps of preparing an auction as soon as September. It also declined to consider PDVSA's request to bar the attachments from the district court case. Reporting by Gary McWilliams; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Venezuela's, Crystallex, Gary McWilliams, Daniel Wallis Organizations: Petroleum, Huntington Ingalls Industries, ACL1 Investments, Koch Minerals, Rusoro Mining, PDV, Thomson Locations: Venezuela, Delaware

HOUSTON/CARACAS, July 7 (Reuters) - Venezuela's opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on the nation's foreign assets. A negotiation team representing Venezuela in late 2022 began formal talks with some creditors, including miner Crystallex and oil producer ConocoPhillips (COP.N), to avoid the loss of Citgo. A license by the U.S. Treasury Department would be required and Venezuelan state oil company PDVSA would not have access to cash flow from those exports, Medina said. One of the opposition's arguments is that PDVSA is currently forced by U.S. sanctions to sell its oil in Asia at deep discounts. Energy analysts estimate the U.S. Gulf Coast has more room for processing Venezuela's heavy sour crude grades.

Persons: Horacio Medina, Nicolas Maduro, Medina, PDVSA, refiners Citgo, Marianna Parraga, Rosalba O'Brien Organizations: HOUSTON, Petroleum, ConocoPhillips, United Nations, Maduro, U.S . Treasury Department, Valero Energy, PBF Energy, Treasury Department, Chevron Corp, PDVSA, Chevron, . Energy, Gulf, Thomson Locations: CARACAS, Venezuela, Venezuelan, United States, China, Houston, Washington, American, Asia, Chevron, Caracas

HOUSTON, June 30 (Reuters) - Negotiators representing Venezuela have held settlement talks with bondholders and creditors owed billions of dollars from defaults and expropriation claims, the head of a board supervising the country's foreign oil assets told Reuters. The U.S. has for years shielded Citgo from seizure under a license that will expire next month if not renewed. Some $2.6 billion in court-approved claims from Crystallex International, ConocoPhillips (COP.N), Siemens Energy (ENR1n.DE) and Red Tree Investments could be applied to auction proceeds. "We have progressed with the bondholders and Crystallex since party representatives officially met for the first time late last year and in February, respectively. IN 'GOOD FAITH'A negotiation team representing Venezuela also has held talks with ConocoPhillips, but they have not swapped financial proposals, he said.

Persons: Horacio Medina, Medina, Ryan Lance, Citgo, Marianna Parraga, Gary McWilliams, David Evans Organizations: Reuters, Citgo Petroleum, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S . Treasury, U.S, Thomson Locations: Venezuela, U.S, New York, Delaware, Washington

☆ US hostage envoy Roger Carstens quietly traveled to Venezuela this week
▼ + stars: | 2023-06-21 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +3 min

CNN —US Special Presidential Envoy for Hostage Affairs Roger Carstens quietly traveled to Venezuela this week, a State Department spokesperson confirmed to CNN Wednesday. Carstens traveled to the capital city of Caracas for “discussions about the welfare and safety of US nationals wrongfully detained in Venezuela,” the spokesperson said. “We continue to advocate for the immediate and unconditional release of all wrongfully detained US nationals in Venezuela at every opportunity,” they said. ‘Signing his death warrant’The family members of the detained Americans, all of whom have been detained more than a year, are increasingly worried about their loved ones. Tillery told CNN that the US is “signing his death warrant” by not securing Kenemore’s release.

Persons: Hostage Affairs Roger Carstens, Carstens, ”, “, Eyvin Hernandez, Jerrel Kenemore, Luke Denman, Airan Berry, Nicolas Maduro, Jeana, Tillery, Gustavo Cárdenas –, Jorge Alberto Fernandez, – Jose Pereira, Jorge Toledo, Tomeu, Alirio Zambrano, Jose Luis Zambrano, Matthew Heath, Osman Khan –, Biden Organizations: CNN, Hostage Affairs, State Department, United Locations: Venezuela, Caracas, United States, Venezuelan

☆ Claims pursuing Citgo's assets surpass $20 billion, supervisory board says
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

HOUSTON/CARACAS, May 31 (Reuters) - A group of Venezuela-related expropriation claims at U.S. courts pursuing Citgo Petroleum's assets surpass $20 billion, making it difficult for the Houston-based refiner to compensate them all, the chief of a board supervising the company said on Wednesday. Once one of Citgo's U.S. parent companies, Citgo Holding, pays off its debt entirely later this year, the firm will have room to get new financing, an extra tool for negotiating some compensations, Medina added. "We already have lined up $21 billion (in claims)," he said when comparing those to Citgo's assets, including its 769,000-barrel-per-day refining network, which have been valued at some $11 billion. A growing number of companies are seeking to be part of the case and participate in an eventual auction of shares. A U.S. court of appeals in May granted a temporary stay preventing six companies from joining a proposed court auction, giving Venezuela a small relief in the legal fight.

Persons: Horacio Medina, Medina, Citgo, Marianna Parraga, Gary McWilliams, Daniel Wallis Organizations: HOUSTON, U.S, Citgo, Houston, Crystallex, Thomson Locations: CARACAS, Venezuela, Caracas, U.S, Medina, Delaware, Louisiana , Illinois, Texas, United States, Houston

☆ U.S. refiners build new oil processing as travel rises
▼ + stars: | 2023-05-16 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

HOUSTON, May 16 (Reuters) - U.S. oil refiners aim to run at up to 94% of a total 17.9 million barrels per day processing capacity this quarter, according to company forecasts and analysts, driven in part by expectations of seasonal travel demand. This quarter is traditionally one of the year's hottest for demand as companies build gasoline and jet fuel output for the summer vacation season. He estimates refiners overall will run at 94% utilization rate this quarter, matching the 2017-19 average for the period. High prices will keep U.S. refinery utilization rates at levels near last year's about 91.7% this year and next, the U.S. Energy Information Administration forecast in January. Refiners will add the capacity to process an additional 328,000 bpd in this quarter, increasing gasoline and diesel supplies this summer.

HOUSTON, May 8 (Reuters) - A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The companies had won conditional attachments to a federal case in which the judge has approved a process to auction the shares to pay a $970 million judgment won by miner Crystallex. The six hold arbitration awards or judgments that total about $2.6 billion and wanted those awards to be included in the auction. The proposed auction, which could break up the seventh largest U.S. refiner to pay creditors, took a giant step forward last month with a greenlight from the U.S. Treasury. Washington has since recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors.

☆ Families of US detainees urge Biden to do more to deter hostage-taking
▼ + stars: | 2023-05-03 | by ( Humeyra Pamuk | ) www.reuters.com time to read: +3 min

Speaking at an event organized by the "Bring Our Families Home" campaign, an advocacy group set up largely by the families of American citizens detained abroad, relatives called on Biden to do more to bring home their loved ones but also deter "hostage-taking" by foreign governments and groups. Proponents of "Bring Our Families Home" are urging Biden to take steps including more swaps of prisoners and easing of sanctions against countries that are holding U.S. detainees. Most recently, Russia has detained U.S. citizen and Wall Street Journal reporter Evan Gershkovich on espionage charges, which he denies. The Biden administration has carried out two prisoner swaps with Russia and one with Venezuela. Families also repeated a call to meet with Biden, a plea that went unanswered for many of them for over a year.

☆ U.S. Backs Sale of Citgo to Pay Venezuela’s Debts
▼ + stars: | 2023-05-01 | by ( Andrew Scurria | ) www.wsj.com time to read: 1 min

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The U.S. Treasury Department since 2020 has protected Citgo from creditors with claims against Venezuela, and its change of heart will allow claims to be settled by negotiation or through an auction of shares in Citgo parent PDV Holding. Citgo is PDV Holding's only asset. Houston-based Citgo is the seventh-largest U.S. oil refiner. Other creditors with at least $2.6 billion in claims against Venezuela have received conditional approvals to join the case. Pincus proposed starting the sales process on Sept. 5 with the highest bid reviewed by the court in June 2024.

☆ U.S. extends Citgo's protection from creditors for three months
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 19 (Reuters) - The U.S. on Wednesday extended for three months a license that protects Venezuela-owned oil refiner Citgo Petroleum (PDVSAC.UL) from creditors trying to seize its assets to recoup pending debts. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) extended the general license until July 20, according to the department's website. Washington has since 2019 recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors. O-I Glass Inc (OI.N), Huntington Ingalls Industries (HII.N), ACL1 Investments, Rusoro Mining Ltd (RML.V) and Gold Reserve (GRZ.V) separately have won attachments contingent on obtaining U.S. Treasury approval to seize assets, or an end to the Treasury protection. ConocoPhillips (COP.N) separately has a claim against Venezuela valued at $1.29 billion over the nationalization of its oil assets in the country.

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