Nicolas Maduro – Oil & Gas 360

Maduro shakes up PDVSA as Venezuela faces oil emergency

February 21, 2020

Houston Chronicle Venezuela’s President Nicolas Maduro declared an “energy emergency” as he announced a commission to revamp state oil company Petroleos de Venezuela SA, redoubling efforts to shore up the nation’s crumbling oil industry. Economy Vice President Tareck El Aissami will lead the commission, which will focus on boosting crude production, Maduro said. El Aissami, who is already an external

Venezuela opposition cuts deal to delay possible Citgo seizure

November 19, 2019

Reuters Venezuela’s opposition has reached a deal with the custodians of a bond issued by state oil company PDVSA to prevent bondholders from seizing U.S. refining subsidiary Citgo, the bond’s collateral, until May, according to court filings and a source. The opposition-appointed PDVSA board, which is recognized in the United States as the company’s rightful representation, last month sued in

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe - Oil & Gas 360

Citgo’s New CEO Confident in an Uncertain Time

August 23, 2019

From The Houston Chronicle Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it and its parent company’s role in an alleged foreign bribery scheme. And its facing mounting pressure to do something about

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

August 22, 2019

From The Houston Chronicle In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner. On Wednesday a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition

Panama Canal Will Not Block Venezuela Vessels Despite U.S. Sanctions

August 14, 2019

From Reuters The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a difference to canal traffic. President Donald Trump’s administration last week issued an executive order freezing all Venezuelan government assets in

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

August 14, 2019

From The Houston Chronicle CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company. In a statement released on Wednesday morning, the company’s board reported that the year-long search for a new CEO ended Jorda being selected for a role. A fomer executive with the Petroleos de Venezuela, S.A., or

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

August 13, 2019

From Reuters Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA). Citgo cut ties with PDVSA earlier this year after U.S. President

U.S. weighs more sanctions on Venezuela to halt fuel deals: Bloomberg- oil and gas 360

Right-Wing Groups Ask Trump Not to Intervene With Citgo

August 1, 2019

From The Houston Chronicle A bevy of right-wing groups are asking the Trump administration not to intercede on behalf of the Venezuelan opposition government to keep Citgo Petroleum from being seized and auctioned. The Houston-based refiner Citgo is owned by Venezuela’s state oil company, and it’s considered a valuable asset to help Venezuela rebuild if there’s regime change in favor

Venezuela Faces the Loss of Citgo – and Desperately Needed Dollars

July 31, 2019

From The Houston Chronicle Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award. A U.S. appeals court ruled on Monday that Crystallex International Corp. may seize U.S.-based stock of Citgo’s parent, which is part of Venezuela’s state-owned oil company, to cover

U.S. Restricts Exports of Oil Diluents to Venezuela - Oil & Gas 360

Venezuela’s Guaido Pledges to Protect Chevron Assets if Trump Does Not Renew License

July 24, 2019

From Reuters Venezuelan opposition leader Juan Guaido said on Tuesday he would seek to protect Chevron Corp’s (CVX.N) assets in the country if the United States does not renew a license allowing the company to operate despite sanctions on the OPEC nation’s oil sector. The Trump administration slapped sanctions on state oil company PDVSA [PDVSA.UL] in January as part of

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe

June 3, 2019

From Bloomberg American unit of PDVSA has pledged full cooperation with probe, Businessman last week admitted to bribery for contracts Citgo Petroleum Corp. received a subpoena from the Department of Justice stemming from an investigation into bribery in Venezuela, indicating that the U.S. government is finally turning its attention to the company after years of prosecuting individuals. The subpoena was handed

Inside the Failed Plot to Overthrow Venezuelan President Nicolás Maduro

June 27, 2018

From Bloomberg The plot, code-named Operation Constitution, involved scores of captains, colonels, and generals from all four branches of Venezuela’s armed forces. The goal was straightforward and seismic—to capture President Nicolás Maduro and put him on trial. The plotters, wearing blue armbands marked OC, were supposed to storm the presidential palace and main military base and stop the May 20

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