Venezuelan Vice President and Petroleum Minister Delcy Rodríguez strongly condemned a US court’s decision to authorize the sale of oil company Citgo, calling it “fraudulent” and “forced.” The sale of Citgo’s parent company to Amber Energy, affiliated with Elliott Investment Management, is valued at $5.9 billion.
Citgo, a Houston-based subsidiary of Venezuela’s state-owned PDVSA, faces over $20 billion in creditor claims. Among its creditors is Canadian firm Crystallex, which was awarded $1.2 billion in a separate 2019 ruling over the nationalization of the Las Cristinas mine.
The sale comes as Venezuelan President Nicolás Maduro accused the US of using military actions in the Caribbean to target Venezuela’s oil reserves. Despite holding the world’s largest proven oil reserves, Venezuela exported only $4.05 billion of crude in 2023 due to ongoing sanctions.
Maduro has called on OPEC members to counter what he describes as growing US threats, though analysts doubt the plea will receive much support. Venezuela’s oil exports have shifted in recent years from the US to countries like China, India, and Cuba due to sanctions and trade restrictions.
PDVSA continues to struggle with underinvestment, aging infrastructure, mismanagement, and the long-term effects of international sanctions.
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