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 States levied sanctions in January on PDVSA and Venezuela aimed at the removal of socialist President Nicolas Maduro, whom the
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 South American country’s state-owned energy assets, according to people familiar with the matter. Citgo, one of the largest refiners in
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
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
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
