Citgo

Citgo Petroleum Corporation (Citgo, headquartered in Houston, USA) for 2023 is a key foreign asset of the Venezuelan state-owned company PDVSA and has a processing capacity of 749 thousand barrels of oil per day.

History

2023

The United States has set a date for the auction for the sale of the company

In October 2023, Venezuela enters the final stage of a lengthy legal battle, during which its most valuable foreign asset, Citgo Petroleum Corp., will be auctioned off to settle claims against the government and the oil company (see below).

Citgo was protected by U.S. sanctions against Venezuela that prevented creditors from seizing the refinery. However, in October 2023, a US judge ordered the sale of the parent company, PDV Holding Inc, to begin this month after Washington made it clear that it would not prevent this.

Citgo lenders

The sale process starts on October 23, the auction is scheduled for June 6, 2024.

US transfers US branch of company to Venezuelan opposition

Venezuelan President Nicolas Maduro on May 1, 2023 condemned the decision of the American administration to transfer control of the Venezuelan opposition, united in the Unitary Platform, the American branch of the state-owned oil and gas company PDVSA Citgo.

Maduro stressed that "the brazen theft of a company estimated at $8 billion, which owns more than 10 thousand gas stations in the United States, was committed, brazenly stealing a company with an annual profit exceeding $1 billion."

He pointed out that the Venezuelan company is illegally transferred to "unknown people, the leadership of the no longer existing National Assembly," people living abroad and fleeing Venezuela.

2022

Net income $2.814 billion

The American oil refining company Citgo Petroleum Corp. (an asset of the Venezuelan state corporation Petroleos de Venezuela SA) in 2022 received $2.814 billion in net profit, PDVSA said.

The company's EBITDA amounted to $4.411 billion.

The schedule for the sale of the company's securities has been assigned

In October 2022, a Delaware court in the United States approved a schedule for the sale of Citgo securities and the attraction of Evercore Group investment bank to organize transactions. The Venezuelan authorities called this decision illegal and announced that they intend to use international institutions and mechanisms to protect their assets.

2021: US court approves sale of controlling stake in company to compensate $970 million to Canadian gold miner Crystallex for expropriation of its assets by Venezuela

In 2021, a Delaware court approved the sale of shares of a controlling stake in PDV Holdings (a unit of PDVSA, the only asset of which is Citgo) in order to raise funds to pay compensation in the amount of $970 million to the Canadian gold mining company Crystallex for expropriation of its assets by Venezuela.