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Venezuela has reached an agreement with Crystallex to protect Citgo

November 26, 2018 08:20
Updated on November 26, 2018 08:22

Venezuela has entered into a deal with Crystallex International Corp, worth $ 1.2 billion, to prevent Citgo Petroleum Corp in the United States from being seized by a lender. Reuters.

The agreement terminates the Canadian mining company's injunction to take control of Citgo as part of a compensation set in an arbitration award against Venezuela, which has risen to $ 1400 million.

Venezuela has completed an initial payment of $ 425 million, as reported by the Ontario Court, where Crystallex has been operating under the creditors' defense since 2011.

The country has agreed to pay the remaining amount in installments in early 2021. If Venezuela fails to accredit before January 10, Crystallex may reopen court proceedings.

Crystallex and Venezuela reached an agreement last year, in which the country maintained the payment contract after the 75 million dollars transfer. The country broke the Crystallex gold mining project in 2011, leading to the arbitration award in 2016.

ConocoPhillips announced in October this year that it has received $ 345 million in cash and raw materials from PDVSA as part of a $ 2000 million arbitration award contribution agreement.

With Reuters information

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