Citgo

US Judge Rejects Blue Water’s Bid to Delay Citgo Parent Sale Hearing

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A federal judge in Virginia has dismissed a request from Blue Water, the company seeking to extend a hearing related to the sale of Citgo’s parent company, citing procedural issues and a lack of sufficient justification for an extension. The ruling could have significant implications for various stakeholders, particularly those involved in ongoing litigation connected with the Venezuela-based oil giant. Blue Water, which has been pursuing compensation for damages related to its operations, argued that the hearing’s timeline was critical to ensuring all parties could adequately present their cases. However, the presiding judge ruled that … Read more

Landmark Decision: Citgo Wins $49 Million in Insurance Dispute over Confiscated Venezuelan Oil

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Houston, Texas – A US jury recently awarded Citgo $49 million in an insurance dispute over Venezuelan oil that was seized by the government. The ruling comes as a significant victory for the oil company, providing some relief in the ongoing legal battle. The dispute began in 2017 when Citgo’s parent company, PDVSA, used the oil as collateral for a loan from Russian bank Rosneft. However, the US government imposed sanctions on Venezuela, effectively blocking the transfer of the oil, which was stored in Curacao at the time. As a result, Citgo turned to its … Read more

Lloyd’s Underwriters Ordered to Pay Citgo Over $49 Million for Lost Oil Cargo Amid Political Turmoil in Venezuela

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NEW YORK – Lloyd’s underwriters and other insurers have been ordered to pay Citgo Petroleum Corp. more than $49 million to compensate for the loss of oil cargo during political unrest in Venezuela. The decision was made by a federal jury in New York. The dispute arose from the theft of oil cargo from a Citgo facility in Venezuela during a period of political turmoil in the country. Citgo argued that the insurers were liable under its policy for the lost cargo. The insurers, however, contended that the theft was not covered by the policy. … Read more