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Venezuela Told to Give Shares of Citgo’s Parent to Gold Miner

  • Crystallex seeks compensation for nationalized Venezuelan mine
  • Citgo is Venezuela’s largest U.S. asset, target for creditors
The tanker Maria sails out of the Port of Corpus Christi after discharging crude oil at the Citgo refinery in Corpus Christi, Texas, U.S., on Thursday, Jan. 7, 2016. Crude oil slid Thursday to the lowest level since December 2003 as turbulence in China, the worlds biggest energy consumer, prompted concerns about the strength of demand.
The tanker Maria sails out of the Port of Corpus Christi after discharging crude oil at the Citgo refinery in Corpus Christi, Texas, U.S., on Thursday, Jan. 7, 2016. Crude oil slid Thursday to the lowest level since December 2003 as turbulence in China, the worlds biggest energy consumer, prompted concerns about the strength of demand.Photographer: Eddie Seal
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A Canadian mining company can seize the shares of the owner of Citgo Petroleum Corp. to satisfy a $1.2 billion arbitration award over a Venezuelan gold mine.

The ruling in favor of Crystallex International Corp. may prompt other Venezuelan creditors to scurry to file claims on Citgo. The company is one of the most attractive assets investors could try to seize as the South American nation falls further behind on debt payments and sinks deeper into an economic depression.