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Venezuela replaces US executives on Citgo board news



Venezuelan State Oil Company Petroleos de Venezuela (PDVSA (19459004)) is taking steps to remove at least two American executives from the board of directors of its US refinery subsidiary, Citgo Petroleum Corp, shortly before the matter.

Citgo faces unprecedented challenges in finance and management after the US government imposed tough sanctions on PDVSA last week to prevent oil revenues from going to left-leaning President Nicolas Maduro.

Other nations have refused to recognize Maduro because he considered his re-election fraudulent last year for another six-year term. Venezuela's largest foreign asset to finance a transitional government.

Maduro has condemned Guaido as a US puppet who wants to carry out a coup.

Venezuelan self-proclaimed p The resident Juan Guaido uses American aid to set up bank accounts to take Citgo's revenue [Carlos Barria/Reuters]

The Houston-based Citgo board includes at least two US citizens, Art Klein and Rick Esser, and the Venezuelans Asdrubal Chavez and Frank Gygax Nepmar Escalona, ​​Simon Suarez and Alejandro Escarra, according to one of the persons who are familiar with the matter.

Citgo also has a board that includes the refinery executives, treasury treasurer and controller, and other vice presidents. 19659004] PDVSA and Citgo did not respond to Reuters' request for comments. The news agency reported that Esser and Klein did not respond immediately to emails and phone calls.

It is unclear whether the PDVSA board has already approved the changes in the Citgo board and who will replace the American executives.

] SOURCE:
Reuters news agency

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