US court orders Venezuelan oil company to seize control
10:35 - 26/08/2018
Information / Baghdad ...
A US federal court has ordered the sale and sale of shares of Venezuelan oil company Sitgo to pay a $ 1.2 billion settlement owed by the Caracas government to a Canadian mining company unless the Venezuelan authorities provide a guarantee.
"This decision will be a new blow to Venezuela, which relies on the national oil company, from which Citgo is part of, to finance the government in the midst of the severe economic crisis that is taking place," Sky News said in a news release.
"Judge Leonard Stark said in a court ruling earlier this week that, apart from the possibility that Venezuela would challenge the decision, Venezuela National Oil Company (NVV) should provide a guarantee, but the shares would not be sold until the court issues a separate order, "He said.
The case dates back to 2011 when the Venezuelan government seized a mine that Cristalix had won, but did not pay any money to the company despite a compromise by a jury. Ending / 25 z