Venezuela denounces, rejects US seizure of Citgo oil firm

CARACAS -- The Venezuelan government on Monday expressed its strong condemnation of the US authorities' process of "seizure of Citgo Petroleum Corporation."

"The seizure of Citgo is being carried out under the pretext of a judicial procedure for the forced sale of shares ... The government of Venezuela and PDVSA (Petroleum of Venezuela) were excluded from the judicial sale of Citgo and were prevented from defending their rights before US courts," said the Venezuelan government in a statement.

It added that "the forced sale constitutes a new episode of the multifaceted aggression executed by the institutions of the United States against Venezuela."

Citgo, a subsidiary of the state-owned PDVSA based in the United States, specializes in crude oil refining and fuel distribution in US territory.

Last week, the deadline for receiving bids for the acquisition of the company in the United States ended and the sale is expected to be concluded by July 15.

Venezuela emphasized that it "does not recognize and will not recognize the forced sale of Citgo, which is being carried out in flagrant disregard of the economic guarantees, due process, and the right to defense guaranteed by any civilized nation."

Venezuela stated that it will adopt "all measures at its disposal to prevent the final consummation of the seizure of Citgo" and reserves the right to take action against those who acquire, facilitate or negotiate the shares of the PDVSA subsidiary.

The judicial situation of Citgo became complicated following the US government's recognition of an alleged "parallel government" established by former opposition leader Juan Guaido in 2019.