The main reason is politics, OFAC will not issue the license because of foreign Policy concerns, i.e., it will negatively impact Guido's efforts to restore democracy and the rule of law in Venezuela.

But it also has dire economic consequences for Venezuela: It needs CITGO to support its economic recovery out of the deep hole Chavez and Maduro dug the country into.

In the end KRY may not need the license from OFAC because neither Venezuela nor the U.S. will want to put CITGO in play through a share auction. It may even be CITGO that pays KRY with the windfall from increased refining margins from high crude oil prices.  Oil at $100 / barrel is like a money printing machine for oil refiners. Have you heard President Biden telling the oil companies and refiners to reduce gas prices? Now you know why.

CITGO is a Delaware corporation, and its Board of Directors have a fiduciary duty to protect the company. If the BOD does not live up to its responsibility, the directors will be deep in you-know-what in a jiffy.

The price of crude oil in the near future is anybody's guess. Putin can make oil prices go through the roof by cutting crude and natural gas supplies to Eastern Europe; and Saudi Arabia and the rest of the OPEC will not be able to supply the 10+ million barrels per day Russia produces. There are indications that Iran and Venezuela may need to be invited to resume crude oil production to limit the catastrophic economic consequences from Putin's last hurrah.

Sit tight, take a deep breath and wait for events to unfold.