Venezuela Pushes to Regain Control of Citgo as U. S. Considers Who Runs the Company

Venezuela’s government is making a move to take back control of Citgo, its prized U. S. oil company, but it’s not as simple as just appointing new leaders. The Trump-appointed interim president, Delcy Rodriguez, wants to replace Citgo’s current board—chosen by Venezuela’s opposition back in 2019—but first, she needs the U. S. government’s approval. Some of her proposed board members have already faced pushback in Washington, so Rodriguez’s team is carefully picking names that won’t raise red flags. The U. S. has been holding Citgo in a legal limbo since 2019, when sanctions cut ties with Venezuela’s state oil company, PDVSA. Now, Rodriguez’s government sees a chance to reclaim control, but it’s not just about politics—Citgo is also caught in a messy court battle over its ownership. A hedge fund bought the company’s parent in a controversial auction last year, but Citgo argues the sale was rigged and unfair, especially since it left billions in debt behind.Meanwhile, Rodriguez’s cousin, Asdrubal Chavez, was recently named to lead PDVSA’s U. S. operations, but he hasn’t actually run Citgo in years. The U. S. even denied him a visa once, raising more doubts about how much control Venezuela can really take back. Rodriguez’s team is also reviewing contracts with law firms that have worked with Venezuela in U. S. courts, possibly freezing those deals if they don’t like what they see. The bigger question? Will Washington allow this takeover? The U. S. Treasury and State Department have to sign off on any changes, and they’re not in a hurry. Citgo’s future hangs in the balance—between Venezuela’s push for control and legal fights that could drag on for years.