U.S.-based, Venezuela-owned refiner Citgo Petroleum is set to undergo a restructuring in its leadership following Juan Guaido’s declaration he is Venezuela’s new interim president.
Guiado is expected to make an announcement “soon” on plans to revamp Citgo’s board and ease political pressures on the company, Platts reported last week, citing unnamed sources. Current Citgo president Asdrubal Chavez has had his U.S. visa revoked and isn’t allowed in the country.
The future of the refinery, which relies massively on Venezuelan heavy crudes, is in limbo given the political and diplomatic conflicts between Maduro’s regime and the U.S. The White House has been mulling placing sanctions on the Opec member’s oil as a way to further strangle Venezuela’s finances, forcing Maduro out.
With the support of the U.S., the European Union and most Latin American countries (with the exception of Mexico, Cuba and Bolivia), Guiado is also said to be planning a new hydrocarbons law. Such legislation would aim at attracting foreign investors by establishing flexible fiscal and contractual terms for projects adapted to oil prices.
Plans also reportedly include an anti-corruption law aimed at state-owned oil company PDVSA and the creation of an agency to offer bidding rounds in gas and conventional, heavy and extra-heavy crude.
The opposition leader is promising a transitional government in favor of free and legitimate elections, and is also expected to announce changes in PDVSA management, naming people “with experience” to lead the country’s oil ministry and state oil firm.
At the time of this writing Friday morning, none of the plans had been announced by Guiado or the National Assembly, Kallanish Energy notes.
Venezuela president Nicolas Maduro, who received support from political allies Russia, China and Turkey, has vowed to fight to keep power. Conflicts between protesters and the military have left more than a dozen dead.
