Sunday , July 3 2022

Venezuela arrives at Crystalplex to protect Citgo


November 26, 2016 – Venezuelan has resolved the claim of arbitration of $ 1.2 million in foreign currency with its most valuable asset, the settlement of Citgo Petroleum Corp. in the United States, confiscated by a creditor, according to Canadian court documents.

Settlement of Crystallex International Corp. The Canadian mining company will ask the court order to recruit Citgo as a way to receive compensation, an anti-Venezuelan arbitration award with an interest of $ 1.4 billion.

Venezuela made a first payment of $ 425 million, according to a presentation presented at the Ontario Court of Justice on November 23, 2011, Crystallex has been operating since 2011.

The South American country began paying its former amounts in 2021. If Venezuelas, unless credited on January 10, has the rest of the charges, Crystallex can restart judicial proceedings.

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

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.

Venezuelan debt defaults have been stacked up and US sanctions are trying against isolated countries, creditors start to move to PDVSA 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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