CITGO Responds to Lawsuit Challenging Board Appointments

A case challenging the appointments of the CITGO Petroleum Corporation Board of Directors was recently filed in a Delaware court. CITGO responded that the complaint is a frivolous effort to use the courts to litigate the foreign policy judgments of the President of the United States, and we are confident that the relief it requests will be denied. On January 23, 2019, President Trump recognized the Government of Juan Guaido as the legitimate representative of the Venezuelan people. The Guaido Government, acting through appropriate legislation passed by the Venezuelan National Assembly, made appointments to an Ad Hoc Administrative Board of PDVSA following Venezuelan law, and that Board subsequently appointed the current CITGO Petroleum Corporation Board of Directors following all applicable U.S. law. The Executive Branch is aware of those appointments and has blessed them, and we are confident that the U.S. courts will respect the Executive Branch’s determination regarding the question of which government is the legitimate representative of the Venezuelan people.