Exclusive: Venezuela moves to replace U.S. executives on Citgo board - sources




FILE PHOTO: The corporate logos of the state oil company PDVSA and Citgo Petroleum Corp are seen in Caracas
FILE PHOTO: The corporate logos of the state oil company PDVSA and Citgo Petroleum Corp are seen in Caracas  

By Marianna Parraga

(Reuters) - Venezuelan state-run oil company PDVSA is taking steps to remove at least two American executives from the board of directors of its U.S. refining subsidiary, Citgo Petroleum Corp, according to people close to the matter.

Citgo is facing unprecedented challenges to its finances and management after the U.S. government last week imposed tough sanctions on Petroleos de Venezuela, known as PDVSA, designed to prevent oil revenue from going to leftist President Nicolas Maduro. The United States and dozens of other nations have refused to recognise Maduro, viewing his reelection last year to another six-year term as fraudulent.

Venezuelan's self-proclaimed president Juan Guaido is setting up bank accounts with U.S. help that would take income accrued by Citgo, Venezuela's top foreign asset, to finance an interim government. Maduro has denounced Guaido as a U.S. puppet who is seeking to foment a coup.

The board of Houston-based Citgo includes at least two U.S. citizens, Art Klein and Rick Esser, as well as Venezuelans Asdrubal Chavez, Frank Gygax, Nepmar Escalona, Simon Suarez and Alejandro Escarra, according to one of the people familiar with the matter.

Citgo also has an executive board that includes the refiner's general managers, its corporate treasurer and the controller, and other vice presidents.

PDVSA and Citgo did not respond to requests for comment. Esser and Klein did not immediately reply to emails and phone calls seeking comment on their status.

It was unclear if PDVSA's board has already approved the changes at Citgo's board and who would replace the American executives.



(Reporting by Marianna Parraga in Mexico City; Additional reporting by Deisy Buitrago and Corina Pons in Caracas; editing by Gary McWilliams and Leslie Adler)

COMMENTS

More Related News

Trump pleads with Venezuela
Trump pleads with Venezuela's military to back Guaido
  • World
  • 2019-02-19 00:53:29Z

MIAMI (AP) - President Donald Trump on Monday pleaded with Venezuela's military to support opposition leader Juan Guaido and issued a dire warning if they continue to stand with President Nicolas Maduro's government.

The Latest: Maduro says Trump sounds almost Nazi-like
The Latest: Maduro says Trump sounds almost Nazi-like

MIAMI (AP) - The Latest on President Donald Trump addressing the political crisis in Venezuela (all times local):

Trump warns Venezuela military they are risking their lives and future
Trump warns Venezuela military they are risking their lives and future

MIAMI (Reuters) - U.S. President Donald Trump on Monday warned members of Venezuela's military who are helping President Nicolas Maduro to stay in power that they are risking their future and their lives and urged them to allow humanitarian aid into the country. Speaking to a cheering crowd mostly of Venezuelan and Cuban immigrants, Trump said if the Venezuelan military continues supporting Maduro, "you will find no safe harbor, no easy exit and no way out. You'll lose everything." He said he wanted a peaceful transition of power in Venezuela but that all options remained open. ...

Trump to say in speech Venezuela
Trump to say in speech Venezuela's military should let humanitarian aid into country
  • World
  • 2019-02-18 16:08:00Z

The White House issued points from a speech Trump was to deliver in the Miami area later in the day, said the president will say the Venezuelan military should let humanitarian aid into the country. Trump will offer strong support for interim Venezuelan President Juan Guaido in the speech at Florida

Trump Courts 2020 Hispanic Vote in Miami With Venezuela Remarks
Trump Courts 2020 Hispanic Vote in Miami With Venezuela Remarks

The remarks at Florida International University on Monday afternoon, in the heart of this immigrant community, come weeks after National Assembly leader Juan Guaido declared himself interim president and just days after the U.S. imposed new sanctions on five additional Maduro associates. Guaido on Jan. 23 declared himself the country's leader until a free election can be called, asking the Venezuelan military to help him, and saying Maduro's 2018 re-election was illegitimate. The U.S. has recognized Guaido and is pushing Venezuela's military to get behind him as part of an international effort to force out Maduro.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.