Venezuela denounces US-ordered ‘forced sale’ of oil company Citgo

Al JazeeraCenterEN 2 min read 100% complete by By News AgenciesDecember 3, 2025 at 05:09 AM

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A US court in Delaware has ordered the sale of Venezuelan oil company Citgo to Amber Energy for $5.9 billion to settle debts, a decision Venezuela vehemently opposes. Vice President Delcy Rodriguez condemned the sale as "fraudulent," claiming it is linked to US sanctions targeting Venezuela's oil industry. Citgo, a subsidiary of PDVSA, faces over $20 billion in creditor claims, including a $1.2 billion debt to Canadian firm Crystallex stemming from the 2008 nationalization of the Las Cristinas mine. The sale occurs amidst Venezuelan President Maduro's accusations that a US military buildup in the Caribbean is aimed at seizing Venezuela's oil reserves, which are the largest proven reserves in the world. Despite these reserves, Venezuela's crude oil exports were only $4.05 billion in 2023 due to US sanctions.

Key Entities & Roles

Key Player Opposition Context

PDVSA 50% Elliott Investment Management 60% United States ×260% Citgo ×370% Delcy Rodriguez ×280% Venezuela ×480%

Keywords

citgo sale 100% venezuela 90% us sanctions 80% oil reserves 70% debts 60% delaware judge 60% forced sale 50% pdvsa 50% elliott investment management 40%