Maduro-Appointed Board Sues in U.S. for Control of Citgo (2)

The board appointed by Venezuela’s president, Nicolas Maduro, to oversee the nation’s state-owned oil company sued in Delaware to regain control of U.S.-based refiner Citgo Petroleum Corp.

The suit was filed June 25 by the directors of Petroleos de Venezuela SA, or PDVSA, asking the Delaware Chancery Court to confirm that they control Citgo and two related companies. Citgo is PDVSA’s largest asset and a potential source of revenue for the country, which is in crisis and owes more than $150 billion to creditors.

Juan Guaido, president of Venezuela’s National Assembly, is recognized by the administration of U.S. President Donald ...