Special Master Recommends Launching Venezuela Auction, Citing U.S. Approval

Mealey's (May 1, 2023, 1:34 PM EDT) -- WILMINGTON, Del. — The special master appointed to plan an auction of the Bolivarian Republic of Venezuela’s oil holdings to compensate arbitral award-creditors for billions in damages filed a supplemental report and recommendation on April 28 in Delaware federal court stating that the U.S. Office of Foreign Asset Control (OFAC) has indicated that it intends a “favorable” policy toward creditors seeking licenses to begin buying Venezuela’s interests in CITGO Petroleum Corp. at auction despite current U.S. sanctions against Venezuela....