The future of Houston’s Citgo Petroleum is taking center stage in a federal appeals court this week as creditors for its parent company, Venezuela state-owned PDVSA, continue efforts to seize PDVSA’s assets in attempt to recoup billions of dollars in debt owed by the Venezuelan government. Oral arguments were heard Monday afternoon in the U.S. Third Circuit Court of Appeals in Philadelphia the case involving one of PDVSA’s creditors, Crystallex International Corp. a defunct Canadian gold mining company seeking to collect on $1.4 billion award owed by Venezuela.
Source: FuelFix
