The measure was announced by the lawyer representing the company before a court of appeals
Caracas — According to statements by attorney Katherine Wellington, who represents PDVSA before U.S. courts, the Venezuelan oil company is working to appoint new boards of directors for its U.S. subsidiaries PDV Holding and Citgo, Reuters reported.
The measure comes amid proceedings being pursued by Venezuela to prevent the “completion of the court-ordered sale of shares in PDV Holding, Citgo’s parent company, as part of a process intended to satisfy creditors’ claims against the country,” the El Cooperante news outlet reported.
The shares of PDV Holding involved in this legal proceeding are still subject to the sale process in which Amber Energy is participating. Amber has already made a purchase offer of $5.9 billion, a value that Venezuela considers insufficient given Citgo’s value and financial capacity.
In previous weeks, the United States had announced an extension until November 5 of the control it maintains over Citgo, preventing the company’s shareholders from taking any action regarding the company’s assets or interests without authorization from U.S. authorities.
The company, headquartered in the United States, is one of Venezuela’s main assets abroad and has been the subject of several legal proceedings for a number of years.