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Venezuela Faces the Loss of Citgo -- and Desperately Needed Dollars

  • Appeals court gives shares of refiner’s parent to Crystallex
  • Seizure of Venezuelan gold fields prompted $1.4 billion award
A Citgo oil refinery stands in Corpus Christi, Texas.

Photographer: Eddie Seal/Bloomberg

Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.

A U.S. appeals court ruled on Monday that Crystallex International Corp. may seize U.S.-based stock of Citgo’s parent, which is part of Venezuela’s state-owned oil company, to cover a $1.4 billion award over the nationalization of gold fields.