The United States should help Venezuela keep control over U.S. refiner Citgo by ...
CARACAS - The United States should help Venezuela keep control over U.S. refiner Citgo by preventing its seizure by creditors seeking to collect on unpaid Venezuelan debts, opposition leader Juan Guaido said in an interview with Reuters on Wednesday.
Guaido, who invoked the constitution in January to assume the interim presidency after declaring Maduro’s 2018 re-election a fraud, said a U.S. executive order protecting Citgo from seizure was the best option to keep the refiner in Venezuelan hands. Houston-based Citgo, a subsidiary of Venezuelan state oil firm PDVSA, is the country’s most important overseas asset. It is the eighth-largest U.S. refiner, with a 750,000 barrel-per-day refining network supplying 4% of America’s fuel.
But the White House has not issued an executive order protecting Citgo from creditors. Washington carried out a similar measure for Iraqi assets following the U.S. invasion of that nation in 2003. “When October comes, under the conditions of Maduro today, it will be difficult to pay,” Guaido said in the interview. “When October comes, we hope to be able to protect assets.”
Guaido has called on the military to end the crisis by turning on Maduro and helping to create a transition government that can call free and fair elections.A small group of officers, along with Guaido, led street protests on April 30, urging the armed forces to rise up against Maduro. But the effort collapsed when the bulk of Venezuela’s military stood by the ruling Socialist Party.
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