Venezuelan Opposition Prepares U.S. Fund to Channel Oil Revenue, According to Reuters

By Corina Pons and Mayela Armas

CARACAS – Venezuela’s opposition is preparing to establish a fund in the United States to receive proceeds from oil sales, a crucial strategy to secure revenue for its campaign to unseat President Nicolas Maduro, as stated by an opposition lawmaker on Wednesday.

The fund will gather income generated by the state-owned oil company PDVSA’s U.S. subsidiary Citgo Petroleum Corp, starting from last month when the U.S. administration recognized Juan Guaido, the opposition leader, as Venezuela’s legitimate president, according to Carlos Paparoni in a recent interview.

"This initiative is already well underway, and I anticipate it will be announced next week by our representative in the U.S.," Paparoni mentioned, referring to Venezuelan opposition envoy Carlos Vecchio.

Citgo, the eighth-largest refiner in the U.S. and Venezuela’s most significant foreign asset, is presently involved in a power struggle as the U.S. government has taken decisive actions to wrest it from Maduro’s control.

Following new sanctions imposed on Venezuela’s oil sector last week, both Guaido and the U.S. administration have been working to install a new board for Citgo. PDVSA has indicated its intention to pursue legal options to challenge any takeover.

Currently, roughly a dozen tankers, carrying over 7 million barrels of Venezuelan crude and products, are stationed at the U.S. Gulf Coast, awaiting instructions on payment logistics amid the sanctions, according to industry data.

Maduro, a socialist leader, faces increasing pressure to resign, as an economic crisis compounded by severe shortages and hyperinflation continues. The United States, along with a growing number of other countries, is backing Guaido as the rightful president of Venezuela.

Yon Goicoechea, a member of Guaido’s policy team, revealed that Guaido is in touch with PDVSA’s international partners, who remain inclined to continue operations in Venezuela, although he did not disclose their identities.

Guaido’s team is also crafting plans for a post-Maduro government, including an emergency initiative to address domestic fuel shortages that have impacted the country.

Maduro, who maintains authority over the state, has labeled Guaido as a U.S. puppet attempting to instigate a coup against him.