Venezuela's state-run oil firm has formally ratified Asdrubal Chavez as the chief of its U.S. subsidiaries PDV Holding, Citgo Holding and Citgo Petroleum, according to a company document. The ratification follows public support expressed by U.S. President Donald Trump for the country's interim leader, Delcy Rodriguez.
Chavez previously had been denied a U.S. visa to run Citgo before U.S. sanctions were introduced in 2019. Despite the board-level appointment this week, Chavez and the team appointed alongside him will still require clearance from the U.S. Treasury Department before they can assume operational control of the refining company.
The ownership of the refining arm is not fully settled. The parent company, PDV Holding, is subject to a U.S. court-organized auction, and the outcome of that process could alter who ultimately controls the subsidiaries if the Treasury approves the auction results.
It was not immediately clear whether interim President Delcy Rodriguez is actively pursuing a new U.S. authorization for Chavez and his selected team to manage the U.S.-based units. The board also appointed Nelson Ferrer, Alejandro Escarra and Ricardo Gomez as directors of the subsidiaries.
The sequence of steps that would enable these appointments to take effect is explicit in the documentation: board ratification at the Venezuelan state company level, followed by required regulatory clearance in the United States. Until Treasury authorization is granted, the new leadership cannot formally take the helm of the U.S. refining business.
Because the refining company's ownership could shift depending on approval of the auction of PDV Holding, the ratification does not guarantee a change in management at the operational level. The interaction between corporate governance decisions made at the parent level and U.S. regulatory review remains a central element determining how governance of the U.S. subsidiaries ultimately unfolds.
This development combines corporate board action, prior visa restrictions affecting key personnel, and pending U.S. regulatory and judicial processes. The appointments mark a clear intent by the state oil company to formalize leadership for its U.S. businesses, while leaving several regulatory and legal steps unresolved.