Legal drama alert! 🚨 Venezuela's Vice President and Oil Minister Delcy Rodriguez just slammed a US judge's decision from last week to green-light the $5.9B sale of PDV Holding, the parent company of Citgo Petroleum. She called the move "fraudulent" and "forced" in a statement aired on state TV this Tuesday.
Rodriguez said Caracas will "energetically reject" the sale and, alongside Citgo and miner Gold Reserve, has filed an appeal in Delaware. Their lawyers argue the court-approved auction ignored Venezuela's rights as the owner.
Behind the scenes, Venezuelans are watching closely. A recent Hinterlaces poll shows 90% believe the US aims to overthrow President Nicolás Maduro and seize Venezuelan oil assets. Public trust? Not exactly high. 🤔
Why it matters: From Manila to Mumbai, young pros juggling rising energy bills and climate goals should note how these disputes can ripple through global oil prices. Big hedge funds like Elliott Investment Management are betting billions, and these outcomes can impact your wallet and world-view. 💸🌍
What's next: The Delaware appeal could take months. Will Venezuela succeed in blocking the sale? Could this reshape how state-owned enterprises defend themselves in foreign courts? Stay tuned, and don't forget to share your take! 👇
Reference(s):
Venezuela rejects sale of Citgo's parent, vice president says
cgtn.com
