Venezuela denounces “kidnapping” of Citgo by U.S. and demands its immediate return

Venezuelan President, Nicolás Maduro, called for the prompt return of the oil company Citgo, a subsidiary of Venezuela’s national oil company, Petróleos de Venezuela (PDVSA).

He claimed that the U.S. government, through actions of the Treasury Department, took control of the company unjustly.

During his televised program ‘With Maduro +’, he stated, “Venezuela demands the immediate return of Citgo and the reimbursement of the US$4 billion owed to us from these four years of the company being withheld.”

Maduro emphasized that the Texas-based company has been “wrongfully taken by the U.S. government, highlighting the legal uncertainties present in the U.S. for investors.”

He further commented, “The U.S. has effectively taken a company valued at $US12 billion that rightfully belongs to the Venezuelan people.”

The U.S. began stripping Venezuela of its control over the oil enterprise in 2019 when the White House and other nations ceased recognizing the Venezuelan government and initiated legal means to prevent Venezuelan authorities from managing their overseas assets.

Maduro also shared that there’s a national consensus in Venezuela on four key issues: Continuing economic growth, opposing the sanctions placed on the nation, maintaining peace, and restoring the state’s social welfare completely.

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