Opposition-controlled congress named new temporary boards of directors to state-oil firm PDVSA on Wednesday, in an effort to wrest the OPEC nation\u2019s oil revenue from increasingly isolated socialist President Nicolas Maduro.<\/p>\n\n\n\n
Although many Western countries have recognized Guaido as legitimate head of state, Maduro retains control of state institutions and Guaido needs funds if he is to assemble an interim government.<\/p>\n\n\n\n
Controlling PDVSA\u2019s U.S. refiner Citgo Petroleum , Venezuela\u2019s most valuable foreign asset, would go some way to helping in that, though seizing the reins of PDVSA itself seems improbable while Maduro remains in power.<\/p>\n\n\n\n
Maduro lashed out at the congress leader, Juan Guaido, saying in an interview that he would face the courts \u201csooner or later\u201d for violating the constitution, after Guaido invoked constitutional provisions last month to assume an interim presidency.<\/p>\n\n\n\n
\u201cWe have taken a step forward with the reconstruction of PDVSA,\u201d Guaido said on Twitter, just after congress named the directors. \u201cWith this decision, we are not only protecting our assets, we also avoid continued destruction.\u201d PDVSA\u2019s crude output has slumped to 70-year lows, due to crushing debts, widespread corruption, and little maintenance of its infrastructure.<\/p>\n\n\n\n
The proposed Citgo board would be composed of Venezuelans Luisa Palacios, Angel Olmeta, Luis Urdaneta and Edgar Rincon, all of whom are currently living in the United States, plus one American director.<\/p>\n\n\n\n
The nominations fuel a growing duel for control between Guaido and Maduro, who has promised he will not allow Citgo to be \u201cstolen.\u201d The mechanics of how the new board would take over are unclear, and there are likely to be court challenges to the board\u2019s authority, people familiar with the deliberations say.<\/p>\n\n\n\n
Bulgarian security officials said on Wednesday that the country had blocked transfers out of several bank accounts which have received millions of euros from PDVSA.<\/p>\n","protected":false},"excerpt":{"rendered":"
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