Risk of loss of Citgo will not decrease in 90 days

 César Mata , legal advisor of the Petroleum Chamber of Venezuela warned that with the measure of suspending for 90 days the transaction of Citgo shares related to the 2020 bond, “the entire risk of losing” is not avoided ”to the main subsidiary of PDVSA in abroad .

Mata stressed that, although it is true that the decision of the US Department of the Treasury provides “oxygen to the administration of Guaidó for a possible renegotiation with the bondholders, the sanctions system can still issue specific licenses that allow progress on certain Citgo assets in American territory.

“It is not true that the risk is avoided. There are still pending processes like Crystallex, ”he said. “The sanctions system can issue general licenses, but also specific licenses that allow certain operations to be carried out. Any person who wants to make transactions can request that specific license from the financial authorities, ” he said.

For the master in oil law and policy , it is essential to achieve coordination between the representatives of Guaidó in the United States and the PDVSA leaders in Venezuela led by Nicolás Maduro , as bondholders are interested in receiving their funds without special relevance in Who makes the payment?

“The bondholder doesn't care if who pays is Guaidó or if he is Maduro. The PDVSA that is in Venezuela is the one with the assets, the production and the one managed by Maduro. (…) Suppose the 90 days expire and there is no money, the court will make a decision and if the funds are not there will go for the assets. You have to reach a yes or yes agreement between the two PDVSAS, ”said the specialist.