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Venezuela: PDVSA mortgages US-located refineries to Russia

From LAHT: “The Rosneft filing means that 100% of Citgo Holding is now encumbered and potentially at risk.”

Venezuela’s PDVSA Mortgages US Refinery Citgo to Russia’s Rosneft (emphasis added)

Venezuela has mortgaged the remaining 49.9% of Citgo Holding Inc. to Russia state-controlled oil company Rosneft.
. . .
PDV Holding Inc., owned by Venezuela state oil company Petroleos de Venezuela, S.A. (PDVSA), owns Citgo Holding Inc., which in turn, owns Citgo Petroleum Corporation, which has 3 refineries and pipelines throughout the United States.

The lien means that should Citgo or PDVSA default, Russia’s state controlled oil company Rosneft could end up owning strategically important oil refineries and pipelines in the United States.

Citgo owns oil and gas pipelines throughout the country as well as oil refineries in Corpus Christi, Texas; Lake Charles, Louisiana; and Lemont, Illinois (outside of Chicago). Citgo’s refineries can refine 749,000 barrels per day and the Lake Charles refinery is the sixth-largest refining facility in the U.S.

Read the full report here.

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Comments

  1. Citgo no longer belongs to Venezuela! Another incredible accomplishment for the Revolution!!! If the US stops buying oil from PDVSA (or selling it diluents), would it bring down the Chavista government? Might be worth a try.

  2. WE STOPPED GETTING GAS AT VALERO/CITGO BACK WHEN CHAVEZ’ FOAMING AT THE MOUTH GOT UNBEARABLE. THE ONLY REASON VALERO STILL EXISTS IS BECAUSE, AS HILLARY “BILL, HOW DID YOUR SPERM GET ON MONICA’S NICE, NEW BLUE DRESS” CLINTON SAYS, “VALERO IS TOO BIG TO FAIL,” AND OF COURSE, THE SUPPORT THAT THE PATRIOTIC VENEZUELANS PROVIDE VALERO IN THE FORM OF BLOOD, SWEAT, AND TEARS, AND NOW HUNGER.

  3. Uhhhh…FYI…unless you plan on stopping to buy gas totally, you can’t boycott Citgo. They make gasoline for all the places. They just add the additives of the brand, I.e. Shell, Exxon, whatever as they are loading.