The Venezuelan Ambassador to the United States, Carlos Vecchio, informed this Tuesday that the U.S. Treasury Department extended until January 19th, 2021 the license that protects the oil company with Venezuelan capital, CITGO, against possible actions of the holders of the 2020 Bond.
The diplomat assured “from the Interim Government of President Juan Guaidó we continue to do everything possible to guarantee the protection of CITGO. Dictator Maduro irresponsibly compromised the main international asset of all Venezuelans and there are several open fronts, however, we have worked at all levels for its temporary protection and we aspire to its definitive preservation so that it can serve as a lever for the coming recovery of Venezuela”.
The Treasury measure temporarily prohibits bond holders from attempting to seize Citgo shares until January 19th, 2021. A previously issued license expires on October 20th. The U.S. administration has made it abundantly clear its interest in ensuring that Citgo can be available for the process of Venezuela’s recovery that must begin along with a democratic transition in the country.
The Interim Government of Guaidó has permanently expressed its intention that the Venezuelan State be able to comply with the obligations legitimately assumed with the endorsement of the National Assembly. To this end, there must be an organized evaluation and restructuring of the debt or obligations contracted together with the counterparts, which will be possible after a democratic transition.