Venezuela is scrambling to find buyers for its oil, hoping to keep revenue streams alive even as President Nicolas Maduro loses control of Citgo. The US-based subsidiary of PDVSA officially severed ties with its parent company in order to comply with US sanctions, according to Reuters. The American government is trying to shift control of Citgo into the hands of Venezuelan opposition leader Juan Guaidó. Citgo has stopped sending payments to PDVSA, and Gauidó has appointed a new board to the company. Some Venezuelan employees working at Citgo in the US returned back to Caracas.
Citgo is one of the major prizes that the US has tried to wrestle away from Maduro as part of the American regime change campaign in Venezuela. Citgo is the eight largest refiner in the US at 750,000 bpd, and it owns pipelines and retail gasoline stations. The company is a key source of revenue for the Venezuelan government.
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