WASHINGTON (Pakistan Point News / Sputnik - 06th October, 2020) The United States has again delayed a measure preventing bondholders of seizing majority ownership of the US-based petroleum refiner and marketer CITGO, which was pledged as collateral in a earlier bond sale by Venezuela's state owned oil company PDVSA, the US Treasury Department announced in a notice on Wednesday.
"All transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would be prohibited by Subsection l(a)(iii) of Executive Order (E.O.) 13835 of May 21, 2018," the notice said.
PDVSA defaulted on an 8.5 percent bond that had been secured with a majority stake in CITGO, prompting the Treasury Department to impose sanctions that block bondholders from gaining majority ownership of CITGO. The sanctions were originally set to expire this month.
Venezuelan President Nicholas Maduro, which the United States has sought to remove from office, claims Washington is trying to steal CITGO.
