PDVSA Appoints Asdrubal Chavez to Lead US Subsidiaries
PDVSA ratified Asdrubal Chavez to lead its U.S. units including Citgo this week. The appointments require Treasury clearance amid ongoing court-led auctions.
The board of directors of the state-run oil company of Venezuela, PDVSA, has ratified Asdrubal Chavez as the head of its subsidiaries in the United States. The decision, confirmed via an internal document, places Chavez in charge of PDV Holding, Citgo Holding, and Citgo Petroleum, following recent diplomatic support for the administration of interim President Delcy Rodriguez.
Chavez and his newly appointed team—which includes directors Nelson Ferrer, Alejandro Escarra, and Ricardo Gomez—now require formal clearance from the U.S. Treasury Department to assume control of the refining operations. This requirement is a significant hurdle, as Chavez was previously denied a visa to manage Citgo before the implementation of sanctions in 2019.
The leadership transition occurs amid ongoing uncertainty regarding the ownership of the U.S.-based assets. A court-organized auction of the parent company, PDV Holding, is currently underway, and the results could lead to a change in control if approved by the Treasury. It remains unclear whether the Rodriguez administration is currently seeking new authorizations from U.S. officials to facilitate the transition of the leadership team.
