Post Tagged with: "Trump Administration"

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 and its parent company’s role in an alleged foreign bribery scheme. And its facing mounting pressure to do something about six of its former executives detained in Venezuela for nearly two years. In the midst of this legal and political turmoil, the has selected one of its own former leaders and a veteran of the oil industry to help it continue to weather the storm of uncertainty. It was a sense of personal duty that pulled Carlos Jorda back to Citgo, 17 years after he served on its board of directors. Jorda said he felt an obligation to serve his former employer and to the government of opposition leader Juan[Read More…]

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 a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition leader appointed the board members in February. Owned by the Venezuela state oil company PDVSA, Citgo is considered the South American country’s most prized foreign asset and a key a piece in the political battle between socialist leader Nicolas Maduro and Guaido. Both sides agree the president of Venezuela has the authority to appoint the board of directors for Houston-based Citgo Petroleum but clashed over who constitutes the legitimate president of the economically-ravaged country. The Maduro administration, which has accused the opposition of trying to steal Citgo, sought to use[Read More…]

U.S. Oil Firms Challenge Pipeline Surcharge for Steel Tariff: Filing

U.S. Oil Firms Challenge Pipeline Surcharge for Steel Tariff: Filing

From Reuters Two U.S. shale producers have challenged an energy pipeline operator’s proposed surcharge for the Trump administration’s 25% tariff on imported steel, raising the stakes for pipeline builders facing higher construction costs. The United States imposed tariffs on imported steel and aluminum last year to shield U.S. producers from overseas competition. U.S. energy industry trade groups have warned the tariffs could raise costs for companies and consumers. U.S. oil producer ConocoPhillips (COP.N) and a unit of Canadian producer Encana Corp (ECA.TO) on Monday asked the Federal Energy Regulatory Commission to reject Plains All American Pipeline’s (PAA.N) proposed tariff surcharge on its Cactus II oil pipeline, according to a regulatory filing. Houston-based Plains this month proposed charging shippers a 5 cents per barrel fee on its 670,000 barrel-per-day (bpd) Cactus II pipeline next April to offset higher construction costs due to the steel tariffs. ConocoPhillips, Encana and Plains did not[Read More…]

Iranian Tanker Sought by US Heading Toward Greece

Iranian Tanker Sought by US Heading Toward Greece

From The Houston Chronicle An Iranian supertanker with $130 million worth of light crude oil that the U.S. suspects is tied to a sanctioned organization left Gibraltar and was heading east into the Mediterranean Sea on Monday, with its next destination reported to be Greece. The Iran-flagged Adrian Darya 1, previously named Grace 1, set course for Kalamata, Greece, with an estimated arrival on Aug. 25, according to ship tracking service MarineTraffic. It wasn’t immediately clear why the tanker would be heading there or whether the destination could change. The vessel left Gibraltar late Sunday after having been detained for a month in the British overseas territory for allegedly attempting to breach European Union sanctions on Syria. Gibraltar authorities rejected attempts by the U.S. to seize the oil tanker again, arguing that EU regulations are less strict than U.S. sanctions on Iran. Gibraltar said it had been assured by Iran[Read More…]

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 a new CEO ended Jorda being selected for a role. A fomer executive with the Petroleos de Venezuela, S.A., or PDVSA, Jorda also held an executive role with the state-owned oil company’s U.S. subsidiary PDV America and previously served as chairman of the board for CITGO. “The board was searching for a CEO with a solid professional background in operations and who could guide CITGO during this unprecedented time,” CITGO Chairwoman Luisa Palacios said in a statement. “With his understanding of the company, its shareholder and the geopolitical landscape in which the company operates, we believe that Carlos Jorda is the right person for the job.” Headquartered in Houston, CITGO[Read More…]

Iran Says it Expects Tanker Held by U.K. to Be Released Soon

Iran Says it Expects Tanker Held by U.K. to Be Released Soon

From The Houston Chronicle Iran expects an oil tanker seized by the U.K. in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about the safety of shipping routes in the Middle East. “Official and unofficial documents have been exchanged to resolve the matter and we hope the problem will be dealt with in the very near future,” Fars cited Jalil Eslami, deputy for maritime affairs at Iran’s Ports and Maritime Organization, as saying. The future of a U.K.-flagged tanker that Iran seized later in the Persian Gulf depends on “the necessary judicial processes,” Eslami added. Iran’s Grace 1 tanker was seized by the Royal Navy on suspicion it was sending crude oil to Syria in violation of European Union sanctions. Tehran denied breaking sanctions and two weeks later impounded the U.K.-flagged Stena Impero[Read More…]

Trump Administration Moves to Limit State Powers to Block Pipelines, Terminals

Trump Administration Moves to Limit State Powers to Block Pipelines, Terminals

From Reuters The U.S. Environmental Protection Agency on Friday unveiled a proposal that would curb state powers to block pipelines and other energy projects, as part of the Trump administration’s effort to boost domestic oil, gas and coal development. The move, swiftly criticized by an organization representing progressive states, comes four months after President Donald Trump ordered the EPA here to change a section of the U.S. Clean Water Act that states like New York and Washington have used in recent years to delay pipelines and terminals. “When implemented, this proposal will streamline the process for constructing new energy infrastructure projects that are good for American families, American workers, and the American economy,” EPA Administrator Andrew Wheeler said in a press release announcing the move. The EPA’s proposal is centered on changes to Section 401 of the Clean Water Act, which allows states and tribes to block energy projects on[Read More…]

China Continued Iran Oil Imports in July in Teeth of U.S. Sanctions: Analysts

China Continued Iran Oil Imports in July in Teeth of U.S. Sanctions: Analysts

From Reuters China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into China last month, or 142,000 to 360,000 barrels per day (bpd). The upper end of that range would mean July imports still added up to close to half of their year-earlier level despite sanctions. The imports are continuing at a precarious moment in U.S.-China relations: The flow is hampering U.S. President Donald Trump’s efforts to choke off oil exports vital to Iran through sanctions, just as tensions rise in the festering U.S.-China trade dispute that has cast a pall over the global economy. Senior Trump administration officials estimate that 50-70%[Read More…]

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 Venezuela’s state oil company, and it’s considered a valuable asset to help Venezuela rebuild if there’s regime change in favor of the Trump-backed Juan Guaido opposition government. However, a U.S. federal appeals court ruling this week said a defunct Canadian mining firm that was owed $1.4 billion by Venezuela may seize the shares of Citgo, triggering a chain of events that could auction Citgo off to the highest bidder, potentially including other U.S. refiners such as San Antonio-based Valero Energy or Ohio-based Marathon Petroleum. Barring further appeals, executive action from the White House may be the best way to keep Citgo from being seized as a result of the court[Read More…]