Advertisement
Tuesday, Sep 28, 2021
Outlook.com
Outlook.com

Judge approves sale of Venezuela''s prized US-refineries

Judge approves sale of Venezuela''s prized US-refineries
outlookindia.com
1970-01-01T05:30:00+0530
Caracas, May 23 (AP) A US judge on Friday approved moving forward with the sale of Venezuela''s prized US-based CITGO refineries, allowing a Canadian mining company to collect USD 1.4 billion it lost in a decade-old takeover in the South American nation by the late socialist President Hugo Chávez.

The ruling strikes a blow to Venezuela''s opposition led by Juan Guaidó, which was banking on profits from the Houston-based company to finance the crisis-torn nation''s recovery — if they were ever able to force President Nicolás Maduro from power.

The order by Chief Judge Leonard P Stark of US District Court in Delaware follows a decision by the US Supreme Court on Monday that upheld an earlier ruling by Stark authorizing CITGO''s liquidation.

Before moving ahead with CITGO''s sale, the bankrupt Canadian mining company Crystallex must first get a license from US Treasury officials, which had temporarily shielded Venezuela''s opposition from losing CITGO.

Crystallex and attorneys for Venezuela also have to agree on how it will sell CITGO, Stark''s latest ruling said.

Chavez took over the gold mining firm''s Venezuela concession and the local operations of other international companies as part of his Bolivarian revolution that has left Venezuela spiralling into deepening economic and political turmoil.

Crystallex, which went bankrupt, sued Venezuela to recover its lost investment in Venezuela. The case is unique, because the court allowed Crystallex to attach assets of CITGO''s parent company, the Venezuelan state-run oil firm PDVSA, finding that Venezuela had erased the lines between the government and its oil firm.

Venezuela has owned CITGO since the 1980s as part of PDVSA. It has three refineries in Louisiana, Texas and Illinois in addition to a network of pipelines crisscrossing 23 states. It provides between 5% and 10% of US gasoline.

Guaidó, the head of Venezuela''s opposition-led National Assembly, claimed presidential powers in early 2019, vowing to end Maduro''s rule and two decades of socialist leadership.

After the Trump administration recognized Guaidó as Venezuela''s legitimate leader, US courts granted approval to a board appointed by the opposition to take control of CITGO, valued at an estimated USD 8 billion. However, more than a year later, Maduro remains in power, with firm military support at home and backing from key international allies including Russia, China and Iran. (AP) SMN

SMN


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

More from Website

RR Vs SRH, IPL 2021: Jason Roy, Abhishek Sharma Happy To Rise Vs Royals In Dubai

RR Vs SRH, IPL 2021: Jason Roy, Abhishek Sharma Happy To Rise Vs Royals In Dubai

Sunrisers Hyderabad scored an emphatic win against Rajasthan Royals but the victory will not enable SRH make the playoffs.

Gwyneth Paltrow: Kissing Robert Downey Jr In ‘Iron Man’ Was Like Kissing My Brother

Gwyneth Paltrow: Kissing Robert Downey Jr In ‘Iron Man’ Was Like Kissing My Brother

‘Iron Man’ star Gwyneth Paltrow revealed that said kissing her ‘Iron Man’ co-star Robert Downey Jr was the worst. She said it was ‘Like kissing my brother’.

SRH Vs RR, IPL 2021: Sunrisers Hyderabad Dent Rajasthan Royals' Playoff Chances With Season's 2nd Win

SRH Vs RR, IPL 2021: Sunrisers Hyderabad Dent Rajasthan Royals' Playoff Chances With Season's 2nd Win

After five successive defeats, Sunrisers Hyderabad registered their 2nd win of the IPL 2021 season by beating Rajasthan Royals.

More from Outlook Magazine

Out Of Tune: Indie Musicians Seek Protection From Heckling And Abuse At Gigs

Out Of Tune: Indie Musicians Seek Protection From Heckling And Abuse At Gigs

Performers’ safety can only be ensured through street cred and holding organisers accountable.

Smoke And Mirrors: Smog Towers To Clean Up Dirty Air Is A Polluted Idea

Smoke And Mirrors: Smog Towers To Clean Up Dirty Air Is A Polluted Idea

The concept of vacuuming air in the open is not a practical solution to combat air pollution.

Sentry Duty On High Seas: Any Move To Contain China Is Welcome

Sentry Duty On High Seas: Any Move To Contain China Is Welcome

China, Afghanistan and the Quad are the pressing issues that form the backdrop of PM Modi’s first in-person meeting with Joe Biden

Advertisement

Outlook Newsletters

Advertisement