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Venezuela’s Citgo Threatened with Seizure over Missed Debt Payments

Oil

Venezuela’s financial struggles continue, with Reuters reporting its economy shrank 16.5% in 2016, amid weak crude prices and on-going US sanctions, which caused Venezuelan crude exports to the US to drop to 475K b/d in November, down 36% y-o-y.

On Thursday, Mining company Crystallex International Corp urged a federal judge to allow it to seize control of Venezuelan-controlled refiner Citgo, over allegations of missed payments regarding an international arbitration award. This is the first time this year that Venezuelan assets are threatened by foreign investors, due to the country’s inability to keep up with sovereign debt obligations.