Judge: Sale Of Venezuelan Oil Shares To Satisfy $1.4B Award May Move Forward

Mealey's (January 15, 2021, 1:20 PM EST) -- WILMINGTON, Del. — A Delaware federal judge on Jan. 14 ordered the Bolivarian Republic of Venezuela, its state-owned oil company Petróleos de Venezuela S.A. (PDVSA) and related entities to hold a public sale of PDVSA’s assets to satisfy a $1.4 billion judgment in favor of a Canadian gold producer whose Venezuelan gold mine investments were expropriated, while acknowledging that the sale cannot occur until a license is issued by the U.S. Office of Foreign Assets Control (OFAC) due to sanctions against the republic....