In the battle over ruling Venezuela, there is a keen focus on Citgo,
and not without good reason. The US-based refinery company is the
Venezuelan government’s primary asset, and money-maker, and crucial to
whomever ends up in control.
Right now, the focus is heavily on practical control of the company’s
board of directors. Who is suited to being on Citgo’s board, and who
decides, are both matters of legal debate.
Opposition leader Juan Guaido has been gearing up to announce changes
to the Citgo board, restructuring it to be more favorable to his
opposition faction. In the meantime, the Venezuelan government is also
moving to oust some US executives they see as too favorable to Guaido.
Legally, the owners of the corporation should have authority to appoint
the board, and Citgo is majority-owned by PDVSA, the Venezuelan
government’s state oil company. That’s where it gets complicated.
Though PDVSA is de facto part of the Maduro government, the US
recognizes Guiado as the Venezuelan government. That allows Guaido to
argue that he is legally in control of PDVSA, and therefore Citgo, as
far as the US government is concerned.
This could create the uncomfortable situation of two different Citgo
boards based on different legal arguments. As a practical matter,
however, Citgo’s assets are overwhelmingly within the United States, and
therefore the US government’s pro-Guaido-stance is undoubtedly going to
be supported.
It’s a shame that the low lives who control this country are a thousand times worse than Nazi Germany, Stalinist Russia, or Genghis Khan and Mongol Empire ever were. And that’s both Democrats and Republicans; these people; the Clintons, the Bush’s, the Obama’s, etcetera, they’re just trollops serving the sick desires of flesh eating bacteria that has taken on human form. Today, Venezuela, tomorrow the sick perps who keep talking but do nothing.
Venezuela and it’s government made it’s own mess. It destroyed a very wealthy country. I would say stay out of Venezuela except for the millions of refugees headed this way.
A great help you are-not a tiny bit of reading or understanding to underlie your kind and useful offering.
“the US
recognizes Guiado as the Venezuelan government.” which makes it legal, of course.
China and Russia will save Maduro. Citgo will become an expired company with no rights to VZ oil.
By January 2016, oil was as low as $35 a barrel; a disaster to Venezuela’s coffers. Maduro then decided to transfer 49.9% of the
state ownership in PDVSA’s US subsidiary, Citgo, to Russian Rosneft for $1.5 billion. Today Citgo is practically worthless with creditors seeking to use Citgo to recoup losses in Venezuela.
So, the US is attempting to nationalize (to the US) a foreign owned company….isnt that what the supposed commies do ? I’m confused.