The US Treasury Department on Wednesday renewed through October 20 a license that protects Venezuelan-owned refiner Citgo Petroleum from creditors seeking to seize the company’s assets to recover unpaid debts.
The renewal would allow the board that oversees Citgo to continue efforts to reach agreements with nearly a dozen companies seeking an auction of shares in the parent company of the seventh-largest oil refinery in the United States.
The Venezuelan oppositionwhich controls all of PDVSA’s foreign assets, has held talks with some of those creditors and bondholders of the state oil company.
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