PDVSA to name new boards of directors for PDV Holding and Citgo

PDVSA is working to appoint new boards of directors for its U.S. subsidiaries PDV Holding and Citgo Petroleum. The decision became known after a lawyer representing the Venezuelan company communicated the measure to a U.S. appeals court.

This corporate reorganization comes amid shifts in trade flows toward the North American market. According to El Nacional, Venezuelan oil exports to the U.S. rose 170% driven by Citgo's activity, after a seven-year period without direct supply operations by the subsidiary.

Control of these structures on U.S. soil is central to managing the foreign assets of Venezuela's main state-owned company. The legal and administrative dispute over these subsidiaries determines the channels through which the national crude is marketed abroad.