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Judge approves sale of Venezuela's prized US-refineries

2 weeks 19 hours 23 minutes ago Friday, May 22 2020 May 22, 2020 May 22, 2020 6:00 PM May 22, 2020 in News - AP Texas Headlines

By SCOTT SMITH
Associated Press

CARACAS, Venezuela (AP) - A U.S. judge has approved moving forward with the sale of Venezuela’s prized U.S.-based CITGO refineries. This takes the bankrupt Canadian mining company Crystallex one step closer to collecting $1.4 billion it lost in a decade-old takeover of its Venezuelan operation by the late socialist President Hugo Chávez. Friday's ruling strikes a blow to Venezuela’s opposition led by Juan Guaidó. The opposition was banking on profits from Houston-based CITGO to finance the crisis-torn nation’s recovery if they were ever able to force President Nicolás Maduro from power. CITGO has three refineries in the U.S. and provides between 5% and 10% of U.S. gasoline.

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