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Wed Feb 13, 2019, 09:57 PM

Venezuela opposition takes steps to seize oil revenue as Maduro issues threat

Source: Reuters

WORLD NEWS FEBRUARY 13, 2019 / 12:19 PM / UPDATED 3 HOURS AGO

Venezuela opposition takes steps to seize oil revenue as Maduro issues threat

Corina Pons, Angus Berwick
5 MIN READ

CARACAS (Reuters) - Venezuela’s opposition-controlled congress named new temporary boards of directors to state-oil firm PDVSA on Wednesday, in an effort to wrest the OPEC nation’s oil revenue from increasingly isolated President Nicolas Maduro.

Maduro lashed out at the congress leader, Juan Guaido, saying in an interview that he would face the courts “sooner or later” for violating the constitution, after Guaido invoked constitutional provisions last month to assume an interim presidency.

Although many Western countries have recognized Guaido as legitimate head of state, Maduro retains control of state institutions and Guaido needs funds if he is to assemble an interim government.

Controlling PDVSA’s U.S. refiner Citgo Petroleum, Venezuela’s most valuable foreign asset, would go some way to helping in that, though seizing the reins of PDVSA itself seems improbable while Maduro remains in power.

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Read more: https://www.reuters.com/article/us-venezuela-politics/venezuela-opposition-takes-steps-to-seize-oil-revenue-as-maduro-issues-threat-idUSKCN1Q228J

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