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Tags: APFN | LT | Venezuela | Citgo

Venezuela's Opposition Gets Reprieve in Battle for Citgo

Thursday, 24 October 2019 04:38 PM EDT

CARACAS, Venezuela (AP) — The White House has temporarily shielded Venezuela's opposition coalition led by Juan Guaidó from losing the country's valuable U.S.-based Citgo refineries.

The U.S. Treasury Department on Thursday issued an order giving Guaidó's team three months to negotiate a debt settlement. A likely failure to make $913 million debt payment due Monday could have triggered foreclosure.

Citgo is Venezuela's most valuable foreign asset and provides a significant amount of gasoline to U.S. drivers.

U.S. courts granted an opposition-appointed board control of Citgo after the White House recognized Guaidó as Venezuela's legitimate president in a challenge to socialist leader Nicolás Maduro.

Maduro put Citgo up as collateral in a 2016 debt swap disputed by his political rivals.

Having to surrender Citgo would be a political blow to Guaidó's challenge to Maduro.

© Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
The White House has temporarily shielded Venezuela's opposition coalition led by Juan Guaidó from losing the country's valuable U.S.-based Citgo refineries.The U.S. Treasury Department on Thursday issued an order giving Guaidó's team three months to negotiate a debt...
APFN,LT,Venezuela,Citgo
132
2019-38-24
Thursday, 24 October 2019 04:38 PM
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