Everybody Wants Some – CITGO's Future in the Wake of a Key U.S. Court Ruling

On Thursday, August 9, a U.S. District Court judge approved a request by a Canadian mining company to seize shares of a subsidiary of Petróleos de Venezuela SA (PDVSA) that controls CITGO Petroleum Corp. The ruling was made to satisfy a $1.2 billion arbitration award against the Venezuelan government. While details of the full ruling are yet to be released, this decision could have an enormous knock-on effect on the various other parties seeking payment from the struggling oil company for asset seizures and unpaid debts. Today we review the assets of CITGO Petroleum Corp., the U.S. arm of PDVSA.

RBN Energy

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