Citgo Petroleum organization
also: Venezuela's most valuable international asset, gas station, Sitco Petroleum, Sitco, Sitco Holdings
Explore in graph → Export claims (CSV) ↓
Related entities (most co-mentioned)
Crystallixorganization · 11United Statescountry · 8Crystallix v. Venezuela arbitrationevent · 8PDVSAorganization · 52002 Venezuelan coup attemptevent · 5Delawarecountry · 4Jose Ignacio Hernandezperson · 4International Centre for Settlement of Investment Disputesorganization · 2Guyanacountry · 1Anyaperson · 1José Rodríguezperson · 1Argentinacountry · 1Elliott Capital Managementorganization · 1Canadacountry · 1
Claims (2)
Venezuela member_of
Citgo Petroleum documented
“A ruling that placed Sitco, Venezuela's most valuable international asset, on the verge of liquidation. For those of us in the U.S., Sitco was just another gas station. For Venezuelans, however, the company was a national pride. Venezuelan …”
▶ The Colonels Corner-Corporate Coup (Venezuela) Part 13 @ 48:16
Jose Ignacio Hernandez covered_up
Citgo Petroleum host_asserted
“has since informed Anya that Hernandez was actively directing their legal strategy during the entire time. Regardless, the letter itself was very significant because it offered an inside glimpse into a very weird chain of command. Hernandez…”
▶ The Colonels Corner-Corporate Coup (Venezuela) Part 13 @ 1:00:46
Mentions (17)
▶ 45:11
Hernandez's name first made national headlines in July 2019, days after a U.S. court ruled that Crystilex could collect upon the 2016 ICSID award by seizing shares belonging to Sitco Petroleum, a completely separate company. It was a U.S.-b…
▶ 48:16
A ruling that placed Sitco, Venezuela's most valuable international asset, on the verge of liquidation. For those of us in the U.S., Sitco was just another gas station. For Venezuelans, however, the company was a national pride. Venezuelan …
▶ 48:47
At $7.8 billion, it was the crown jewel of Venezuela's international wealth. Sitco's predicament began just before the initiation of the Guaido's coup. In August of 2017, when the executive order was issued that banned all transactions with…
▶ 49:17
prevented Sitco from issuing dividends back to its parent company, PDVSA. The order effectively blocked the government in Caracas from accessing its U.S. revenue. Washington turned up its assault on Venezuelan oil industry within days of re…
▶ 49:46
The restrictions not only banned the sale of Venezuelan oil in U.S. markets, but officially placed the country's U.S.-based financial accounts, including those belonging to Sitco, under the authority of Guaido's fake government. Venezuelan'…
▶ 50:14
remained from public view. By the time Anya began investigating the Crystilex case in August of 2019, Sitco's survival was officially on the line. The previous month, a Delaware court had authorized Crystilex to seize the $1.2 billion worth…
▶ 52:42
$370 million debt owed by the government of Buenos Aires. Two months into Guyana's custody before the UN tribal ordered the ship be released, leaving Elliott Capital empty-handed. In theory, the concept of limited liability applied to Sitco…
▶ 53:12
It was actually owned by the Venezuelan state. To win the favorable Delaware ruling, Crystal X had to persuade a judge that Sitco's assets were fair game under a concept called alter ego. In business law, alter ego is understood as lifting …
▶ 53:44
In the Delaware court, the job was left to a 43-year-old Venezuelan lawyer and professor of administrative law. He filed a sworn declaration in April of 2017, asserting his country's government had instrumentalized PDVSA, Sitco's major shar…
▶ 54:11
At the time of Hernandez's 2017 testimony, Sitco was technically shielded from accusations of instrumentality under Venezuelan law. The president of the republic only appointed the board of PDVSA. The board in turn selected the board of the…
▶ 55:13
directly appointed not only an ad hoc PDBSA board, but also the top executive of all three of the U.S. subsidiaries. This meant that under Guaido's leadership, Venezuela's National Assembly placed a government hand smack in the middle of th…
▶ 55:42
an alter ego of Venezuela. Critics, like opposition-aligned engineer Rodriguez, argued that the Guaido top legal advisor, it was up to Hernandez to prevent the National Assembly from appointing Sitco's boards, thereby jeopardizing Venezuela…
▶ 56:41
On July 29th, 2019, a U.S. district court in Delaware ruled in favor of Kristillek's alter ego argument, legitimizing the Canadian corporation's claim to $1.2 billion in Sitco assets. Two days later, Venezuelan government announced a crimin…
▶ 1:05:00
As you listen to this, I'll say this much at this point. The Sitco situation still hasn't been resolved. That's still in court, for one. But it is amazing to me how you can take one item and tie that, specifically Chris Licks, and tie it to…
▶ 1:05:55
Had been violated and did nothing to resolve that fact, which is why we're at where we're at. Correct. So the illegitimate government violates their own law. And even there still was no there's no law in the United States that says that you…
▶ 1:06:26
What they did was say that Sitco, through this sleight of hands, had been used politically by Chavez, and therefore they were able to sever that and then lien Sitco assets for a completely separate lawsuit, which literally had nothing to do…
▶ 1:06:56
with Crystalix. It's a gold mine that never existed. And you have an oil company that the only way they were able to violate that bail was to do something illegally. And then a Delaware court awarded Crystalix access to a completely separat…