Thursday , June 24 2021

Venezuela arrives at Crystalplex to protect Citgo



(Reuters) – Venezuelan resolved 1,200 million dollars in arbitration, refining unit at Citgo Petroleum Corp in the United States, refining unit in the United States Citgo Petroleum Corp, as a shareholder seized, according to Canadian court documents.

Crystallex International Corp. Liquidations The Canadian mining company issues a judicial request for the control of Citgo to collect compensation for a Venezuelan arbitration decision. interest for 1,400 million dollars.

Venezuela made a first payment of $ 425 million, mainly in "liquid securities", according to the Ontario Court of Justice's submission on November 23, Crystallex has been operating since 2011 based on sustainable protection.

The South American country agreed to the other amounts to be paid at the beginning of 2021. Venezuelana, on January 10, does not guarantee the guarantee of other payments, Crystallex legal procedures can be restarted.

The US judge was released in Delaware on December 20 at the Citgo auction, PDVSA, a Venezuelan oil company auction company. Citgo operates in three refineries in the United States, which is the key destination of Venezuelan oil exports and is worth billions of dollars. Review of Reuters

While Venezuelan eased economic crises and US penalties, and when they began to pay a debt of ten million dollars, Citgo remained under control. The government has made last month the Citgo shares with investors with guaranteed vouchers.

When Crystallex and Venezuelan reached an agreement last year, the South American country maintained a payment agreement after a transfer of $ 75 million.

Venezuela Crystallex eliminated the gold mining project in 2011, which led to a 2016 arbitration trial.

Due to the collapse of Venezuelan debts and the United States sanctions as an isolated country, the creditors of the PDVSA assets began abroad as a means to recover money.

ConocoPhillips said in October PDVSA earned $ 345 million in raw material in the third quarter and reached $ 2 billion in the agreement deal agreement.

Rusoro Mining Ltd reached an agreement with Venezuelan in October, a five-month Canadian mining company presented documents from the United States to Citro's court and won a $ 1.3 million arbitrage award for a gold mine.


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