The non-governmental organisation Venezuelan Resistance has called on US President Joe Biden's administration to intervene to prevent the auction of CITGO, a key Venezuelan asset abroad. The NGO held a recent meeting between Venezuelan opponents, members of CITGO Petroleum's supervisory boards, US officials and lawmakers to stop the court-ordered stock auction.
In recent days, the second round of bidding for shares in PDV Holding, CITGO's parent company, closed, which could lead to a change of ownership of the seventh largest US refinery, a crucial asset for Venezuela.
CITGO faces lawsuits from 18 creditors, including ConocoPhillips and Koch Industries, seeking to collect up to $21.3bn in claims. However, the creditors only offered $8bn, a figure deemed insufficient by CITGO's supervisory boards, which responded with an alternative payment option.
Resistencia Venezolana has requested a new executive order from the Biden administration to prevent the US District Courts in Delaware from proceeding with the auction, asking for protection for CITGO's assets until after Venezuela's presidential election on 28 July 2024.
