& Tobago

Very usefull links


News links




Dow Jones

Oil price



Views and News




US court accepts Guaido, bondholder Citgo arguments



By Argus

Petroleumworld 03 21 2019

Venezuela's opposition leader Juan Guaido and the national oil company's bondholders may participate in arguments next month over the future of the country's US refining assets, a US appellate court has decided.

The US Third Circuit of Court of Appeals will allow arguments from both parties as Venezuelan oil firm PDVSA (PdV) seeks to overturn a key district court ruling that has allowed former Canadian mining firm Crystallex to seek shares of US independent refiner Citgo to satisfy an arbitration award against the country.

The arguments could determine the future ownership of Venezuela's most valuable overseas asset and open a new front in battles for legitimacy between National Assembly leader Guaido and President Nicolas Maduro's government.

The Third Circuit will next month hear arguments in Philadelphia over a district judge's decision last fall that Citgo functioned as an alter ego of the Venezuelan republic. The finding has allowed Crystallex, now controlled by New York-based Tenor Capital Management, to press a $1.4bn arbitration award for the expropriation of the company's Venezuelan mining interests.

Guaido intervened on behalf of the Venezuelan republic earlier this month, seeking a stay of the proceedings to allow his interim government time to review the case. Blackrock, an institutional bondholder, also intervened to argue that the court inappropriately allowed Venezuela's creditors to attach a US subsidiary.

US, Canada, and most of Latin America and Europe recognize Guaido as interim president of a transition government seeking Maduro's departure and new elections. Maduro has resisted these calls in the face of US sanctions imposed 28 January to cripple the country's oil production and imports.

The parallel governments have squared off more directly in another appellate case. Both Guaido and Venezuelan attorney general Reinaldo Munoz have argued to represent the country in arguments involving claims from a former Russian mining company.

The US extended into almost the end of 2020 a general license facilitating Citgo's continued operation as sanctions cut off most US business with Venezuela. The license does not exempt the 750,000 b/d complex refiner from naphtha export or crude import restrictions.

The Third Circuit scheduled oral arguments in the case for 15 April.


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.



Story from Argus Media. 03 20 2019


Hit your target - Advertise with us

PW 300.000 plus request per week

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions as the source.

Other stories you have to get authorization by its authors. Internet web links to are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to:

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1




Editor & Publisher: Elio Ohep/
Contact Email:

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld   / Elio Ohep - All rights reserved



This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.