PDVSA Ad Hoc Board Head Calls Citgo “Crown Jewel”

(Energy Analytics Institute, 29.Jan.2021) — The president of the Ad Hoc Board of Petróleos de Venezuela (PDVSA) called US-based refiner Citgo Petroleum the “crown jewel” of the company’s international assets.

Horacio Medina, the President of PDVSA’s Ad Hoc Board, said the situation regarding actions taken during 2019-2020 by Interim President Juan Guaidó to protect Citgo’s assets were “critical and difficult,” adding that there was still the possibility of losing Citgo.

The executive, speaking during a webinar on 28 January 2021, said the only two productive assets under control of the board were Nynas and Citgo, but the latter was the most important due to its three US-based refineries, pipelines and petrol stations.

“The plan is to maintain control of the assets,” Medina said, adding that a potential Citgo liquidation could fetch around $6.5bn.

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By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.