Citgo auction process begins following changes in US sanctions policy to Venezuela (11/1/2023)
On October 23, the U.S. District Court of Delaware initiated a process that will see the sale of three refineries owned by Citgo parent company PDV Holdings, the U.S. subsidiary of Venezuelan state-owned oil company, Petróleos de Venezuela SA (PdVSA). Together, the three refineries account for about 5% of U.S. refining capacity. The sale of Venezuela’s refining assets follows a decision by the U.S. Treasury Department to provisionally lift most energy-related sanctions on Venezuela as part of an agreement on the country’s electoral process, although the two issues are not directly related. That change could see more Venezuelan crude oil enter the United States. …On October 23, the U.S. District Court of Delaware initiated a process that will see the sale of three refineries owned by Citgo parent company PDV Holdings, the U.S. subsidiary of Venezuelan state-owned oil company, Petróleos de Venezuela SA (PdVSA). Together, the three refineries account for about 5% of U.S. refining capacity. The sale of Venezuela’s refining assets follows a decision by the U.S. Treasury Department to provisionally lift most energy-related sanctions on Venezuela as part of an agreement on the country’s electoral process, although the two issues are not directly related. That change could see more Venezuelan crude oil enter the United States. … Read More
