Citgo Sues Int'l Trading Co. Over $11M In 'Stranded' Goods

By Craig Clough (June 28, 2021, 9:55 PM EDT) -- Citgo Petroleum Corp. filed suit in Texas federal court Friday against international trading firm Teknik Trading Inc. seeking to stop an auction of $11 million in "stranded" goods it says are caught in legal limbo since the federal government froze the assets of Citgo's parent company, Petróleos de Venezuela S.A.

The U.S. Treasury Department took action against PdVSA in 2019 amid civil disorder in the country and with a stated goal of helping Juan Guaidó — whom the U.S. government recognizes as the elected interim president of the country — in his power struggle with Venezuelan President Nicolás Maduro.

PdVSA is state-owned...

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