Venezuela's Guaido Rushes to Control Citgo Before Debt Payment

Venezuelan opposition leader Juan Guaido’s team of advisers is rushing to take control of the country’s main foreign asset, U.S. refiner Citgo Petroleum, before a potential bond default that could leave half the company in creditors’ hands, sources close to the talks told Reuters on Monday. Guaido, who proclaimed himself president last week and has not yet appointed a cabinet, faces the intricate legal challenge of nominating new leadership for PDVSA, the state-owned oil and natural gas company, and its subsidiaries, including Citgo, who would manage the companies during a transition, Reuters reported. Other ideas are also in discussion to gain control of the firms. Guaido, who runs the opposition-controlled congress, assumed Venezuela’s presidency after President Nicolas Maduro was re-elected last year in a voting widely considered a sham. Read more