Citgo’s future hangs in the balance
Rival Venezuelan regimes’ hopes of holding onto US firm look bleaker
Bankrupt Canadian mining firm Crystallex has received permission from a US federal court to pursue shares in US refiner Citgo, which is currently controlled by the US-recognised Juan Guaido administration that challenges President Nicolas Maduro for leadership of the troubled Latin American country. Guaido had asked for a 45-day extension for a so-called ‘hearing en banc.’ A panel of judges would have re-examined a July ruling by the US court of appeals for the third circuit that allowed Crystallex to go after Citgo assets. But the administration failed to file any petition, prompting the court to lift the stay. Crystallex will still need a licence from the US Treasury before it can start it
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
