Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Copper Tip Energy Services
Zachry Integrity Engineering
Copper Tip Energy
Zachry Integrity Engineering


Venezuela’s Government, Opposition May Cooperate to Safeguard US Assets


These translations are done via Google Translate

By Luc Cohen

delcy rodríguez venezuela 1200x810

  • Government and opposition request 45-day pause in US asset seizure case
  • Venezuela seeks to protect assets like Citgo from creditors
  • Judge requests update on legal representation for Venezuela ​by May 21

NEW YORK, April 6 (Reuters) – Venezuela’s government and its political ‌opposition are seeking to coordinate their legal defense of the oil-rich country’s United States assets, after Washington’s official recognition of interim President Delcy Rodriguez raised questions about who could represent the country in ​U.S. courts.


Get the Latest US Focused Energy News Delivered to You! It's FREE: Quick Sign-Up Here


Lawyers for Rodriguez’s government and the opposition asked Manhattan-based U.S. Magistrate ​Judge Sarah Netburn on Monday to pause for 45 days a ⁠case in which creditors are seeking to seize funds linked to state oil ​company Petroleos de Venezuela (PDVSA.UL) while they determined who would represent Venezuela’s interests.

The letter signaled potential ​cooperation between the opposition and Rodriguez’s government in the safeguarding of U.S. assets including Houston-based oil refiner Citgo Petroleum (PDVSAC.UL) from creditors, including holders of debt issued by PDVSA and Venezuela’s government, companies ​whose Venezuelan assets were expropriated, and victims of acts of alleged terrorism.

Venezuela’s information ministry, ​which handles media requests on the government’s behalf, did not immediately respond to a request for ‌comment.

Shocker Edge
MicroWatt Controls: Instrumentation & Safety System Experts

Relations ⁠between the opposition and Venezuela’s socialist government have long been acrimonious. The opposition has controlled U.S. assets including Citgo since 2019, when Washington first imposed sanctions on PDVSA in a bid to pressure now-jailed President Nicolas Maduro to leave office.

Washington in March ​recognized Rodriguez as ​Venezuela’s leader, following ⁠the capture of Maduro by U.S. forces. She is now preparing to take over the boards of PDVSA’s U.S. subsidiaries including Citgo, ​Reuters reported on April 1, citing four people close to the ​preparations.

The U.S. ⁠recognition of Rodriguez’s government prompted Netburn to ask the parties to the lawsuit to clarify who had authority to represent Venezuela in court.

Netburn on Monday granted the request ⁠to pause ​the case. Lawyers for the government and opposition ​are expected to update her on the selection of a lawyer to permanently represent Venezuela’s interests by May ​21.

Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Bill Berkrot

Share This:




More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE