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 under U.S. sanctions against parent Petroleos de Venezuela (PDVSA). Citgo cut ties with PDVSA earlier this year after U.S. President
From Reuters A Venezuelan oil joint venture with a state-owned Chinese company has started an expansion project to boost output to 165,000 barrels per day (bpd), President Nicolas Maduro said on Thursday, from a current capacity of 110,000 bpd. Sinovensa, owned by PDVSA subsidiary Venezuelan Petroleum Corp (CVP) and China National Petroleum Corp (CNPC), produces extra-heavy Orinoco crude and blends
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 Venezuela’s state oil company, and it’s considered a valuable asset to help Venezuela rebuild if there’s regime change in favor
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 Crystallex International Corp. may seize U.S.-based stock of Citgo’s parent, which is part of Venezuela’s state-owned oil company, to cover
From Reuters Venezuelan opposition leader Juan Guaido said on Tuesday he would seek to protect Chevron Corp’s (CVX.N) assets in the country if the United States does not renew a license allowing the company to operate despite sanctions on the OPEC nation’s oil sector. The Trump administration slapped sanctions on state oil company PDVSA [PDVSA.UL] in January as part of
From Reuters VIENNA — 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 oil, oil minister Manuel Quevedo said on Tuesday. State-run oil company PDVSA in June began tests to focus exports almost entirely on the
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 that the U.S. government is finally turning its attention to the company after years of prosecuting individuals. The subpoena was handed
From gCaptain/Reuters German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by Reuters and sources close to the decision. PDVSA has struggled for years to pay its bills due to falling crude output
From Reuters Venezuelan state-owned oil company PDVSA expects its crucial crude upgraders to operate well below capacity this month, according to industry sources and documents seen by Reuters, as U.S. sanctions and energy blackouts hit the OPEC nation’s oil industry. Venezuela depends on the upgraders, which are mostly operated by joint ventures with foreign companies, to convert the extra-heavy crude
From Reuters Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the late socialist leader Hugo Chavez, the World Bank ruled on Friday, making the U.S. energy company the largest victor in claims stemming from nationalizations in the OPEC country. The company may have to fight to collect. Venezuela has balked
Move cuts off Venezuela’s main cash source The U.S. government announced sanctions on Venezuela’s PDVSA today, marking a major increase in the administration’s pressure campaign against Maduro’s regime. While the U.S. has sanctioned many individuals involved in Venezuela’s government, it has historically been reluctant to directly sanction PDVSA. This reluctance is largely because, despite the diplomatic hostility between the two
From Reuters France’s Maurel & Prom will invest $400 million to acquire a 40 percent stake in a Venezuela oilfield joint venture called Petroregional del Lago, state oil company PDVSA [PDVSA.UL] President Manuel Quevedo said on Monday. Maurel & Prom said in a December statement it had agreed to pay 70 million euros ($80.5 million) to buy the stake from
