INSUBCONTINENT EXCLUSIVE:
court made a crucial decision in the Citgo Petroleum case
It accepted claims worth $20.8 billion against Venezuela.These claims, reduced from an initial $24 billion, relate to losses from
nationalization and debt defaults.Major companies like ConocoPhillips and ExxonMobil are among the claimants
807,000 barrels per day, operates 38 terminals and six pipelines, and supplies over 4,200 independent retailers, making it a significant
player in the oil industry.Additionally, it supplies thousands of retailers
Court Decision in Citgo-Venezuela Case
It involves initial bids, followed by a second bidding round.However, the final decision on these bids will take months
They registered claims for past losses in Venezuela, dating back to 2007.These claims stem from the nationalization of their projects under
government and opposition
President Nicolas Maduro describes the court action as theft.The opposition, controlling Citgo since 2019, has challenged the ruling up to
relations with Venezuela and the push for fair elections there.U.S
lawmakers suggested moving all claims to a Justice Department commission for fair compensation distribution
However, this idea has not gained much support in Congress.In summary, this case reflects the complex interplay of finance, law, politics,
and international relations.It centers on a major oil company and national assets, with far-reaching consequences.
