Bolivarian Government maintains legal bid to prevent sale of CITGO

Published at: 02/12/2025 11:17 AM

The Bolivarian Government maintains a strong legal bid to prevent the illegal sale of CITGO, as part of the pressure exerted by the United States in complicity with the Venezuelan radical right.

The legal team that represents the Venezuelan State and also CITGO Petroleum, in addition to all its parent companies, challenged the decision of the judge of the Federal Court of Delaware, Leonard Stark, to sell the Venezuelan company in the United States, before the Court of Appeals of the Third Circuit of that nation.

The sale of this company is totally illegal, in the opinion of the Venezuelan side, because it was carried out under open dispossession of the company by the US government.

A few days ago, a U.S. judge authorized the sale of CITGO Petroleum shares to the company Amber Energy, which is a subsidiary of the hedge fund Elliott Investment Management, with an offer of US$ 5.9 billion in an auction organized by the Delaware Federal Court.

In Venezuela's view, the “forced sale” process has been characterized by deficiencies and irregularities, including a conflict of interest involving court advisors.

As a context for the issue, the company CITGO generated between 700 and 1.2 billion dollars annually and constituted an important source of foreign exchange for the country.

Since 2019, it was controlled by the Venezuelan opposition.

Mazo News Team