Officials: Acting Citgo president detained in Venezuela

CARACAS, Venezuela – Venezuelan authorities say they have detained the acting president of Citgo, the state-owned oil company’s U.S. subsidiary, for alleged corruption.

Chief prosecutor Tarek William Saab announced Tuesday that Jose Pereira and five Citgo vice-presidents have been detained on suspicion of embezzlement.

Saab said Citgo executives requested loans that would be unfavourable for state oil giant PDVSA and offered confidential information to a competitor.

The detentions are part of an ongoing investigation by Venezuelan authorities into the country’s oil sector, which has struggled in recent years amid mismanagement and declining production.

Venezuela has the world’s largest oil reserves.