US again protects Citgo assets from Venezuela creditors

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FILE – In this Aug. 21, 2019 file photo, a Citgo refinery is seen in Corpus Christi, Texas. The Trump administration on Wednesday, Dec. 23, 2020, extended a measure blocking holders of crisis-torn Venezuela’s debt from liquidating its U.S.-based Citgo refineries as payment. (AP Photo/Eric Gay, File)

CARACAS, Venezuela (AP) — The Trump administration has extended a measure blocking holders of crisis-torn Venezuela’s debt from liquidating its U.S.-based Citgo refineries as payment.

The U.S. Treasury Department put off the possible sale of Houston-based Citgo until mid-2021. That gives President-elect Joe Biden several months to set his policy on Venezuela, which is in a historic economic and humanitarian crisis.

The protections had been set to expire on Jan. 19, a day before Biden takes office. Venezuela has owned Citgo since the 1980s as part of the state-run oil company PDVSA. It provides between 5% and 10% of U.S. gasoline.

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