Venezuelan oil firm to replace Americans on board of directors at U.S. subsidiary

By Staff Reuters

Posted February 9, 2019 12:35 pm EST

1 min read

This article is more than 5 years old and some information may not be up to date.

WATCH: Russia's foreign ministry says U.S. sanctions on Venezuela's state oil firm, PDVSA, violate international law. PDVSA is the parent company of Citgo, which owns refineries and gas stations across the United States – Jan 29, 2019

Venezuelan state-run oil company PDVSA is taking steps to remove at least two American executives from the board of directors at its U.S. subsidiary, Citgo Petroleum Corp, according to people close to the matter.

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Efforts to reshuffle the Citgo board come as Venezuelan opposition leader and self-proclaimed president Juan Guaido plans to appoint his own board at the country’s top foreign asset and use its revenues to finance the removal of President Nicolas Maduro.

More to come.