Venezuela denounces US-ordered ‘forced sale’ of oil company Citgo
Summary
A US court has ordered the sale of Venezuelan oil company Citgo to pay off billions in debt. This decision has been criticized by Venezuela's vice president as a "forced sale." Citgo is owned by Venezuela's state oil company PDVSA but faces financial issues due to US sanctions and debts to various creditors.Key Facts
- A US court authorized the sale of Citgo to pay off Venezuela's debts.
- The sale was ordered by Judge Leonard Stark in Delaware.
- Citgo is a subsidiary of Venezuela's state-owned company, PDVSA.
- Venezuela's Vice President Delcy Rodriguez criticized the court's decision.
- Citgo reportedly owes more than $20 billion to creditors.
- Venezuelan President Maduro claims the US is militarily targeting Venezuela's oil.
- Venezuela has the world's largest proven oil reserves, estimated at 303 billion barrels.
- US sanctions have impacted Venezuela's oil exports, leading the country to explore other markets like China and India.
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