US court upholds takeover of Venezuelan oil assets

04.08.2019, Houston.

Vice-Chancellor to the Delaware Court of Chancery Kathaleen Mccormick considers the appointment of the board of the oil company City Petroleum by the transitional government led by Juan Guaidó to be legitimate, Reuters reports on August 3.

According to the court’s opinion, since speaker of the Venezuelan National Assembly Juan Guaidó was recognized as the legitimate president of Venezuela by Donald Trump’s administration he is empowered to appoint directors of Venezuela’s state oil company PDVSA and its subsidiaries, including Citgo Petroleum.

“We are grateful that the court has rejected the Maduro regime’s efforts to use the U.S. judiciary to advance their anti-democratic objectives,” the board of Citgo, which was appointed by Guaidó’s champions, said in a statement.

If lawyers defending the interests of Nicolás Maduro’s government, do not convince the US judges before August 16 that the appointment of the current board of Citgo Petroleum is illegitimate, the court will issue a decision on its official recognition.

Citgo Petroleum is the most important foreign asset of PDVSA, which possesses a big oil refinery in Texas.

The US is seeking to overthrow the incumbent and legitimately elected President of Venezuela Nicolás Maduro by supporting the self-proclaimed president Juan Guaidó. Washington has also imposed economic sanctions against Venezuela and arrested PDVSA’s bank accounts and assets.

In February, the transitional government led by Juan Guaidó appointed a special council of PDVSA empowering it to designate directors of its US subsidiaries: PDV Holding, Citgo Holding and  Citgo Petroleum.

Source: Rossa Primavera News Agency

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