Venezuela’s Citgo and the Strategic Stakes for U.S. Policy
Washington should adopt a strategic framework that recognizes the role the oil refiner plays in geopolitical security and regional stability.
The legal battle over Citgo Petroleum Corporation, the U.S.’s fifth-largest independent oil refiner, is often framed as a straightforward matter of creditor compensation and sanctions policy. But treating Citgo, a subsidiary of Petroleos de Venezuela (PDVSA) acquired in two stages in 1986 and 1989, solely as a commercial asset overlooks the broader strategic implications for the United States and the Western Hemisphere. Last November, a federal judge in Delaware approved the sale of Citgo to Amber Energy, an affiliate of New York-based Elliott Investment Management, regarded as one of...
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