Venezuela's harsh reaction to US oil theft

The State Oil Company of Venezuela (PDVSA) called the US sale of its subsidiary (Citgo) illegal. The US Treasury Department on Monday, May 1, announced that it would not take any action to prevent the auction or trading of Citgo shares.

Judge Leonard Stark for the Eastern District of Delaware in October 2022 approved a plan to auction shares in the parent company Citgo Petroleum. This verdict determines the procedure for bidding, selling and mandatory consultation of the US Department of the Treasury on any decision regarding the change of ownership of the assets of this company.

Following Venezuelan President Nicolás Maduro's scathing response to America's decision to steal and sell Citgo (a subsidiary of a Venezuelan oil company based in Washington), the Venezuelan State Oil Company (PDVSA) has strongly criticized this American method, AAA reports.

The State Oil Company of Venezuela said in a statement: “We categorically reject the fraudulent sale of Citgo shares through an illegal coordinated sale in the interests of the US government.” According to this statement, subject to the laws of Venezuela and international laws, any agreement for payment or bidding related to any debt, dispute , action or judgment related to PDVSA is illegal and void.

The Venezuelan oil company also denounced the ongoing aggressive policy towards the industry through the use of unilateral coercive measures that lead to the loss of the value of assets of PDVSA and its subsidiaries abroad. Previously, Venezuelan President Nicolas Maduro responded to the US decision to hand over Citgo to the opposition wing of the Caracas government known as Plataforma Unitaria, said: "The US government has passed an obscene resolution. This decision is a mockery and a slap in the face of the international conference held in Bogota, which demanded the lifting of sanctions against Venezuela."