Venezuela Pushes to Regain Control of Citgo as U. S. Considers Who Runs the Company

A Prized Asset Under Siege

Venezuela’s socialist government, led by Trump-appointed interim president Delcy Rodriguez, is making a bold—and legally fraught—attempt to reclaim Citgo, its crown jewel of U.S. oil assets. But this isn’t just a routine leadership shuffle. It’s a high-stakes game of geopolitics, legal maneuvering, and corporate warfare, where every move could trigger a financial or diplomatic earthquake.

The Boardroom Chess Match

Rodriguez wants to dismantle Citgo’s current board, installed in 2019 by Venezuela’s opposition, and replace it with loyalists. There’s just one problem: Washington’s approval is required, and some of her early picks have already hit a wall in U.S. corridors of power. Now, her team is in damage control, carefully vetting names to avoid another round of rejection.

The Sanctions Trap & Legal Minefield

Citgo has been frozen in legal purgatory since 2019, when U.S. sanctions severed ties with Venezuela’s state oil behemoth, PDVSA. But Rodriguez sees an opening—and a chance to reassert control. Yet the path is treacherous. A hedge fund snatched Citgo’s parent company in a controversial auction last year, leaving behind billions in debt and a tangle of lawsuits. Citgo insists the sale was rigged, a claim that could unravel in court.

Family Ties & Diplomatic Roadblocks

Adding to the intrigue: Rodriguez’s cousin, Asdrubal Chavez, now heads PDVSA’s U.S. operations—though he hasn’t actually run Citgo in years. The U.S. once denied him a visa, fueling skepticism about Venezuela’s real leverage. Meanwhile, Rodriguez’s team is auditing contracts with law firms that have defended Venezuela in American courts, hinting at contract freezes if terms don’t align with their agenda.

The Ultimate Question: Will the U.S. Let This Happen?

The fate of Citgo rests in the hands of two powerful U.S. agencies: the Treasury and State Department. Their stamp of approval is needed for any board shakeup—but so far, they’re in no rush. With Venezuela’s legal challenges stretching years and hedge funds circling, Citgo’s future is a hostage to fortune—caught between Caracas’ power play and the relentless machinery of American justice.