U.S. President Donald Trump must act to prevent holders of Venezuelan state-run ...
WASHINGTON - U.S. President Donald Trump must act to prevent holders of Venezuelan state-run oil company PDVSA’s bonds from taking control of U.S.-based Citgo Petroleum, the refiner’s chairwoman said on Wednesday.
Guaido could lose control over Citgo, the country’s top foreign asset, if Venezuela fails to make a $913 million payment on PDVSA’s 2020 bond later this month. The bond is backed by a 50.1% stake in Citgo’s parent and Guaido allies have been lobbying Trump for an executive order shielding Citgo from creditors.
Maduro, who Washington blames for Venezuela’s economic collapse, cannot make the payment due to U.S. sanctions on PDVSA. The opposition made a $71 million interest payment earlier this year, but has not had access to funds for making the larger upcoming payment.Maduro, whose government remained current on the 2020 bond even as it has defaulted on billions of dollars in other debt, has accused the opposition of “stealing” Citgo.
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