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Environment & Energy Report

Guaido’s Venezuelan Board Accuses Maduro’s of Trying to Seize Oil

Dec. 3, 2019, 10:11 PM

Directors appointed to the board of Citgo Petroleum Corp.'s parent company by Venezuela’s U.S.-recognized president, Juan Guaido, asked a Delaware judge Dec. 3 to block an affiliate controlled by the country’s longtime de facto leader, Nicolas Maduro, from seizing nearly 1 million barrels of oil.

The Guaido-appointed board filed a related Chancery Court motion—requesting a temporary restraining order and seeking a contempt of court ruling—as part of a dispute over the leadership of Petroleos de Venezuela SA (PDVSA), which is owned by the Latin American country’s embattled government.

Vice Chancellor Kathaleen S. McCormick ruled in August that Guaido’s appointees comprise...

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