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The court is auctioning shares in Citgo parent PDV Holding to repay $21 billion in claims against Venezuela and state oil firm PDVSA for expropriations and debt US judge issues order to reopen ...
Citgo was the major sponsor of E. J. Viso of KV Racing (2012) and Andretti Autosport (2013), and remained with Viso when he began racing in the Stadium Super Trucks in 2014. [79] Citgo is a major sponsor of the Bassmaster Fishing Tournaments, and is also the sponsor of a charity golf tournament benefiting the Muscular Dystrophy Association (MDA ...
CITGO. An auction of shares in a Citgo Petroleum parent company to repay some $21 billion in claims for debt defaults and expropriations by Venezuela and PDVSA is set to be reorganized after a ...
Citgo has plants in Louisiana, Illinois and Texas that can jointly process 807,000 barrels per day of oil. In the last two years, the company has generated $4.8 billion in combined net earnings.
Spain was receiving Venezuelan oil in repayment for debt as of 10 April 2019 and many Spanish companies operated in Venezuela. [ 204 ] In June 2019, the Associated Press reported that the United Kingdom, France, Germany, Spain and the Netherlands were considering imposing sanctions on Maduro and several top officials for the crackdown on ...
In a 2016 deal, Venezuela offered Russia 49.9% of Citgo as collateral for a $1.5 billion loan. Due to the poor state of Venezuela's economy, which includes a high risk of default, it is possible the Bolivarian Government of Venezuela may give Citgo to Rosneft, Russia's government-run oil company.
[10] Venezuela owned the Citgo gasoline chain, [3] but U.S. sanctions as of 2019 prevent Venezuela from receiving economic benefit from Citgo. [11] In 2019, it was among the oil export countries who had lost the most from energy transition; it was ranked 151 out of 156 countries in the index of Geopolitical Gains and Losses (GeGaLo). [10]
The payment meant that PDVSA would continue to own Citgo, but failure to pay would result in Citgo transferring ownership to one of PDVSA's creditors. Losing Citgo would be disastrous for PDVSA, as they would lose the key terminal of their export chain to the US and the chemical additives necessary for oil refinery that Citgo produces.