The United States on Wednesday extended for three months a license that protects the Venezuelan-owned Citgo oil refinery from creditors trying to seize its assets to recover outstanding debts.
US protection of the Houston-based refinery has prevented bondholders and other creditors from advancing billions of dollars in claims against Venezuela, issued by US and international courts.
The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury extended the general license until July 20, according to the information disclosed on the digital site.
Citgo spun off from Venezuelan state oil company PDVSA in 2019 by order of Venezuela’s National Assembly, after the United States imposed sanctions against the government of President Nicolás Maduro.
Washington has recognized the opposition-led Congress as the entity that controls the refining subsidiary since 2019, extending protection to prevent its division in the hands of Venezuela’s creditors.
The three-month extension comes as a US district court judge seeks federal approval to schedule an auction that could lead to the division of the seventh-largest US refiner by volume.
A US court this month asked OFAC for guidance on its goal of auctioning off shares in parent Citgo to cover a $970 million judgment obtained by it for the expropriation of its mining assets in Venezuela. Any response from OFAC would be transmitted to the judge by the end of the month.
[Con información de Reuters]
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