Claims pursuing Citgo's assets surpass $20 bln -supervisory board

A growing number of Venezuela-related expropriation claims at U.S. courts pursuing Citgo Petroleum's assets surpass $20 billion, making difficult for the Houston-based refiner to compensate them all, but some payments can be negotiated, said on Wednesday the chief of a board supervising the company.

A growing number of Venezuela-related expropriation claims at U.S. courts pursuing Citgo Petroleum's assets surpass $20 billion, making difficult for the Houston-based refiner to compensate them all, but some payments can be negotiated, said on Wednesday the chief of a board supervising the company. Horacio Medina, head of the PDV ad-hoc board that since 2019 oversees the refiner, said Citgo has financial ability to meet some payment demands by creditors, especially once one of its parent companies, Citgo Holding, pays off its debt entirely later this year, leaving room for new financing.

Citgo had a net profit of $937 million in the first quarter on firm fuel demand, refining output and margins, and last year posted a record $2.8 billion profit, a series of strong results that could help the firm negotiate with creditors. Medina did not elaborated on how many of the claims the company would be able to resolve through direct negotiations.

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