Citgo formally cuts ties with Venezuela-based parent company: sources

- U.S. refiner Citgo Petroleum Corp is formally cutting ties with its parent, state-run oil firm Petroleos de Venezuela SA, to meet U.S. sanctions imposed on the OPEC country, two people close to the decision told Reuters on Tuesday.

The United States, Canada and dozens of other nations have recognized Guaido as Venezuela’s legitimate president, but Maduro still controls the military, public institutions and PDVSA, which provides 90 percent of the country’s export revenue. “We have been told that we have to organize the house by Feb. 26 to avoid conflicts with sanctions,” one of the sources said.

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