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Thursday, September 4, 2025

CITGO

Oil & Gas 360 - Venezuela will stick to its plan of blending domestic and foreign crude to maintain and even increase oil production and exports in the face of sanctions prohibiting U.S. companies from buying the country’s oi

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

December 12, 2018

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 Venezuela had breached the $1.4 billion November agreement that resolved a long-running fight over an expropriated gold mine. Separately, Venezuela’s

Oil & Gas 360 - Venezuela will stick to its plan of blending domestic and foreign crude to maintain and even increase oil production and exports in the face of sanctions prohibiting U.S. companies from buying the country’s oi

Venezuela Holds onto Prized U.S. Refineries

November 27, 2018

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 began paying off $1.4 billion that an arbitration panel said was owed to the Canadian mining firm Crystallex, following a

Venezuela’s Citgo Is Pushed One Step Closer to Sale

October 31, 2018

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 of Appeals for the Third Circuit late Friday marks a setback for Venezuela’s state energy company, which has tried desperately to keep

downstream

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

April 11, 2017

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 Russian company. A 49.9% stake of CITGO, which is owned by PDVSA’s U.S. subsidiary, was used as collateral in December

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