S & P: Guaidó will appoint new Citgo board

The Acting President of Venezuela, Juan Guaidó, would be to announce a new directive in Citgo Petroleum, a subsidiary of Petróleos de Venezuela, SA (Pdvsa) that operates in the United States (USA), with the purpose of easing political pressure on the company, at risk of being auctioned to satisfy a demand of the Canadian Crystallex, as compensation for the expropriation made by the late Hugo Chávez of the Las Cristinas mines, in the south of the country.

The version was released on Thursday by S & P Global Plattsm, a firm specialized in financial futures markets and a world leader in energy information, based in the United Kingdom. Through its website, ensures that Guaidó would be to announce the renewal of the board of the oil company, along with the presentation to the National Assembly (AN) of a project for a new hydrocarbons law in order to increase competitiveness and the productivity of the country's oil activities , currently at its lowest level in the last 30 years.

The new legal framework would contemplate the creation of bidding agencies for heavy and extra-heavy gas and crude oil projects, which make up the bulk of the country's oil reserves, whose extraction and processing requires huge investments that the parent company Pdvsa is not in a position to assume.

That week, precisely, through an official notice in a local newspaper, Pdvsa publicized the balance of operations of 2018, which states that the oil company is carrying a huge debt of 34,555 million dollars.

Citgo is the main oil trading arm of the country, and is at risk of being seized by Judge Leonard P. Stark of the Wilmington District Court in Delaware, who is handling the $ 1.4 billion lawsuit filed by Crystallex International Corporation .

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The Canadian mining company demands to comply with the payments committed by the Nicolás Maduro regime as judicially agreed compensation to compensate the Canadian mining company for mining rights lost in Venezuelan territory in 2008, in times of the privatization fever of the deceased "supreme commander".

The judge authorized the seizure of Citgo's assets in August and it is still pending to fix the date of the auction, for which it expects in addition to Crystallex, a score of companies.

Citgo has at least three refineries, 60 storage terminals and more than 5,000 service stations in the United States.

Since November 2016, half of Citgo's shares (49.9%) are held by the Russian oil company Rosneft, offered by the Nicolás Maduro regime in exchange for a  loan of 1,500 million dollars.

E l current president of Citgo, Asdrubal Chavez, a cousin of the president, is prohibited from entering the United States after the White House revoked their visas, labor and tourism, and dispatches from Caracas.

NotiVenezuela.com