🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Exclusive: Venezuelan Guaido's team to nominate its own Citgo board - sources

Published 12/02/2019, 22:53
© Reuters. FILE PHOTO: Citgo Corpus Christi refinery in Texas

By Marianna Parraga and Mayela Armas

(Reuters) - Advisers to Venezuelan Congress head Juan Guaido have proposed appointing executives Luisa Palacios, Angel Olmeta, Luis Urdaneta and Edgar Rincon to a transitional board for U.S. refiner Citgo Petroleum Corp, people close to the talks said on Tuesday.

The opposition leader and self-proclaimed president wants to secure control of the U.S. subsidiary of Venezuelan state-run PDVSA to finance his interim government. The U.S. and dozens of other nations have refused to recognize Nicolas Maduro as president, viewing his election last year to a second six-year term as fraudulent. Maduro in turn has denounced Guaido as a U.S. puppet who is seeking to foment a coup.

The new board, which has been expected for weeks, will be assigned specific tasks by Guaido's team to resolve internal disputes that have flared at the South American nation's most important foreign asset, the people said. Two top American executives currently working for Citgo, Art Klein and Rick Esser, also would join the board, the people said.

The United States imposed sanctions on PDVSA on Jan. 28 as a way to cut off Maduro's main source of foreign revenue. Those sanctions require U.S. customers to deposit crude sales proceeds into bank accounts that would be controlled by Guaido.

© Reuters. FILE PHOTO: Citgo Corpus Christi refinery in Texas

In recent weeks, Citgo's U.S. headquarters has been torn into factions. PDVSA has sought to remove U.S. citizens from its board and arrange a legal strategy to block the expected appointments. Some Venezuelan executives have been recalled to Caracas, others dismissed, and some Maduro loyalists suddenly reappeared, people familiar with the company's operations said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.