Post Tagged with: "CITGO"

Source: nbcnews.com

Venezuela rounds up US oil executives as Guaidó visits DC

Houston Chronicle


MIAMI (AP) — Six American oil executives under house arrest in Venezuela were rounded up by police hours after President Donald Trump met Venezuelan President Nicolás Maduro’s chief opponent at the White House, according to family members of …

February 7, 2020 - 9:00 am Closing Bell Story‎, Energy News, International, People
Source: Reuters

Venezuela opposition cuts deal to delay possible Citgo seizure

Reuters


Venezuela’s opposition has reached a deal with the custodians of a bond issued by state oil company PDVSA to prevent bondholders from seizing U.S. refining subsidiary Citgo, the bond’s collateral, until May, according to court filings and a source.…

Source: Reuters/Ivan Alvarado

Venezuelan Guaido’s team proposed 90-day truce to PDVSA bondholders: sources

Reuters:


Venezuela’s opposition last week sent holders of state oil company PDVSA’s 2020 bond a proposal to suspend legal actions for 90 days, the latest maneuver to avoid losing U.S. refiner Citgo, three sources familiar with the talks said.…

October 18, 2019 - 10:15 am Closing Bell Story‎, Energy News, International
Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle


Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle


In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner.

On Wednesday …

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle


CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company.

In a statement released on Wednesday morning, the company’s board reported that the year-long search for …

Source: Citgo

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

From Reuters


Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working …

Right-Wing Groups Ask Trump Not to Intervene With Citgo

Right-Wing Groups Ask Trump Not to Intervene With Citgo

From The Houston Chronicle


A bevy of right-wing groups are asking the Trump administration not to intercede on behalf of the Venezuelan opposition government to keep Citgo Petroleum from being seized and auctioned.

The Houston-based refiner Citgo is owned by …

Source: Citgo

Venezuela Faces the Loss of Citgo – and Desperately Needed Dollars

From The Houston Chronicle


Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.

A U.S. appeals court ruled on Monday that …

Source: Citgo

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe

From Bloomberg


American unit of PDVSA has pledged full cooperation with probe, Businessman last week admitted to bribery for contracts

Citgo Petroleum Corp. received a subpoena from the Department of Justice stemming from an investigation into bribery in Venezuela, indicating …

U.S. acts to keep Citgo operating in face of Venezuela sanctions

U.S. acts to keep Citgo operating in face of Venezuela sanctions

From Reuters

The U.S. Treasury on Thursday gave U.S. refiner Citgo Petroleum Corp a further 18 months to buy crude and make debt payments while under sanctions against its parent, Venezuelan state-run energy firm Petróleos de Venezuela (PDVSA).

The United …

March 15, 2019 - 10:54 am Closing Bell Story‎, Energy News
Venezuela’s Citgo Weighs Bankruptcy, Other Options Amid Political Fight

Venezuela’s Citgo Weighs Bankruptcy, Other Options Amid Political Fight

From The Wall Street Journal

Venezuela’s Citgo Petroleum Corp. is considering various options, including filing for bankruptcy in the U.S., to protect its operations amid a fight between the Trump administration and Venezuela’s ruling leftist government over control of the …

January 31, 2019 - 5:14 pm Closing Bell Story‎, Crude Oil News, Energy News
Venezuela’s Deals to Shield Citgo From Creditors Now in Doubt

Venezuela’s Deals to Shield Citgo From Creditors Now in Doubt

From Reuters

Venezuela is facing the possible unraveling of a pair of billion-dollar settlements aimed at protecting the cash-strapped country’s U.S.-based Citgo Petroleum Corp from seizure by creditors.

A lawyer for Canadian mining company Crystallex International Corp said on Tuesday …

December 12, 2018 - 12:39 pm Closing Bell Story‎, Crude Oil News, Energy News
Venezuela Holds onto Prized U.S. Refineries

Venezuela Holds onto Prized U.S. Refineries

From the Associated Press/Brownsville Herald

CARACAS, Venezuela (AP) — Venezuela will hold onto its U.S.-based Citgo refineries, settling a long-standing dispute that threw ownership of the crisis-wracked country’s prized assets into peril as its massive debt mounts.

Venezuela on Friday …

November 27, 2018 - 1:43 pm Closing Bell Story‎, Energy News
Venezuela’s Citgo Is Pushed One Step Closer to Sale

Venezuela’s Citgo Is Pushed One Step Closer to Sale

From The Wall Street Journal

A federal appeals court declined to stop a planned sale of Venezuela’s Citgo Petroleum Corp., advancing an auction process engineered by one of the country’s many unpaid creditors.

The ruling issued by the U.S. Court …

October 31, 2018 - 6:02 am Closing Bell Story‎, Crude Oil News, Energy News
Rosneft Looks to Collect on a 49.9% Stake in U.S. Oil Company

Rosneft Looks to Collect on a 49.9% Stake in U.S. Oil Company

PDVSA may transfer 49.9% claim as part of  debt settlement

Russian state-owned oil giant Rosneft may end up owning U.S. downstream operator CITGO if Venezuela’s state-owned PDVSA is unable to pay back dues on a $1.5 billion loan from the …