Guayido announced the seizure of the control on Citgo :: Politics :: RBC

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Guayido announced the control of Citgo

Guayido said that obtaining a license from Citgo's Ministry of Finance in the United States is a sign of salvation for an important asset for all of Venezuela. The control of the opposition on the company, according to him, means that Maduro will not be able to loot it completely

Photo: Jonathan Bachman / Reuters

The Venezuelan president proclaimed himself Juan Guaiido on his Twitter reportedthat the opposition acquired control of the oil company Citgo, the subsidiary of the Venezuelan national oil company PDVSA.

"They (the Venezuelan authorities. – RBC) wanted to steal everything, but we have already obtained control of Citgo and a license to continue the work of the company, so we saved an important national heritage. They want us to leave the streets, but tomorrow we will join everyone to stop the usurper, "he wrote.

Thus, Guaido commented on the report that the US Treasury Department extended the period to allow transactions with Citgo for 18 months. The decision was taken on March 14th. In a press release from the US Treasury Department, it was noted that this "will allow Citgo to continue operating in the future, while not allowing any benefit to the illegitimate Maduro regime".

Citgo is the US daughter of the Venezuelan PDVSA, which has been subjected to harsh sanctions since January 2019. In accordance with the terms of the sanctions, Citgo can continue to work, but all funds received must remain in accounts blocked in the United States, cannot transfer funds to the parent company in Venezuela. The condition for the abolition of restrictions in Washington has defined the transfer of control over the PDVSA to the opposition. In late February, Citgo formally terminated relations with PDVSA

Because of the damage caused by the sanctions, Citgo was forced to start looking for external financing. March 8 was disclosed that Citgo plans to receive a loan of $ 1.2 billion, which should help the company refinance its current debt. Citgo has already contacted Houlihan Lokey, an independent US investment company. The agreement is expected to close on March 22nd.

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