Supreme Court Won’t Take Case That Could Block Sale of Venezuelan Oil Assets

The ruling appears to clear the way for creditors of the South American country to acquire its assets.

The logo of PDVSA's U.S. unit Citgo Petroleum is seen at a gas station in Stowell, Texas, on June 12, 2018. Jonathan Bachman/Reuters

The U.S. Supreme Court rebuffed Venezuela’s request to review a ruling allowing creditors to pursue assets of CITGO Petroleum’s parent company.

The decision removes an obstacle to an upcoming court-ordered auction of shares in CITGO’s parent, the government-owned oil concern, Petróleos de Venezuela S.A. (PDVSA).