Venezuela’s PDVSA said on Friday that Canadian miner Crystallex had no justification for a complaint in a U.S. court seeking to recover $2.8 billion from the state oil company.  Crystallex filed the complaint Monday in Delaware, saying PDVSA and its U.S.-based refining unit Citgo Holding designed a refinancing deal to lower Citgo’s value and dissuade asset seizures stemming from arbitration awards.  Crystallex is engaged in a $3.1 billion arbitration claim against Venezuela before an international tribunal over the termination of its Las Cristinas gold asset in Venezuela.  “Once the official notification of this claim is received, if it even exists, PDVSA will respond appropriately, given there is no basis or foundation whatsoever for a claim by Crystallex against the national oil company,” PDVSA president and Oil Minister Eulogio Del Pino said.

View full article at www.reuters.com