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
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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