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The Wall Street Journal: Venezuela reaches $1.4 billion deal to avoid losing control of Citgo

Venezuela has struck a $1.4 billion deal to retain control of Citgo Petroleum Corp., the latest settlement that keeps the country’s U.S. crude refineries from falling into the hands of creditors.

The agreement resolves legal actions against state-owned Petróleos de Venezuela SA that sought to wrest control of Citgo, Venezuela’s U.S. refining subsidiary and a critical source of dollar revenues for the cash-strapped country.

The deal calls for President Nicólas Maduro’s government to pay off one of Venezuela’s creditors Crystallex International Corp., a defunct Canadian mining company trying to collect on a $1.4 billion arbitration judgment. A U.S. court had authorized the seizure of Citgo’s U.S.

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