U.S. Treasury Extends Citgo's Protection Another Three Months

January 20, 2023--Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Earlier this week, the U.S. extended a license protecting Citgo (Houston, Texas) from creditors for another three months, as a tug-of-war over the company's control continues in Venezuela. Citgo's parent company is the state-owned Petróleos de Venezuela S.A. (PDVSA).

The U.S. Department of the Treasury extended its license protection over Citgo until April 20, preventing bondholders from seizing the company. Venezuela's government has vowed on several occasions over the last few years to significantly increase the nation's oil production, but efforts have been futile. But in November, the U.S. Department of the Treasury issued a license for Chevron Corporation (NYSE:CVX) (San Ramon, California), the last U.S. major operating in Venezuela, allowing it to return to normal operations in the South American country.