(AP, 20.Jun.2020) â Venezuela’s socialist government tried to recruit then-Congressman Pete Sessions to broker a meeting with the CEO of Exxon Mobil at the same time it was secretly paying a close former House colleague $50 million to keep U.S. sanctions at bay, The Associated Press has learned. An official […]
Tag: Citgo
Opposition Asks Court To Recognize Citgo Changes
(Argus, 18.Jun.2020) â Venezuelan ownership of the country’s most valuable overseas asset may rest on opposition leadership convincing a US court that it restored refiner Citgo’s independence and remains a US foreign policy priority. Attorneys for Venezuela’s US-recognized opposition government argued yesterday that National Assembly leader Juan Guaido halted actions […]
Venezuela Spurned By US Court In Citgo Clash
(Bloomberg, 18.May.2020) â The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset. The justices, without comment on Monday, left intact a federal appeals court victory for a […]
Angel Olmeta To Retire From Citgo Petroleum BODs
(Citgo, 2.Apr.2020) â The Citgo Petroleum Corporation Board of Directors and the Citgo President and Chief Executive Officer Carlos JordĂĄ, announced today that Angel Olmeta is retiring from the Board, effective Thursday, April 2, 2020. Angel had a long and successful career in the Venezuelan and international oil industry, occupying […]
Mariela Poleo To Head SimĂłn BolĂvar Foundation
(Citgo, 8.Mar.2020) â Citgo Petroleum Corporation announced the appointment of Mariela Poleo as President of the SimĂłn BolĂvar Foundation (SBF), the company’s non-profit, private foundation dedicated to catalyzing organizations and resources to meet the humanitarian needs of Venezuelans and Venezuelan refugees. As president, she will oversee all facets of SBF, […]
Citgo Says Gerd Knutsen Released From Seizure
(Citgo, 28.Feb.2020) â Citgo Petroleum Corporation confirms that the Gerd Knutsen and its crew have safely reached international waters, and that the Company intends to pursue the Maduro regime, and any entities that may have assisted it, for unlawful seizure of its cargo. BACKGROUND ON CITGO GERD KNUTSEN SEIZURE Citgo […]
Latest Rosneft Sanctions Raise Risks For Others
(Reuters, 19.Feb.2020) â Washingtonâs move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuelaâs state-run PDVSA escalated threats facing non-U.S. firms and will likely spur âovercomplianceâ by companies, analysts and industry sources said. The U.S. government on Tuesday blacklisted Rosneft Trading, SA, […]
Citgo Drops Aruba Refinery Project, Island Balks
(Argus, 13.Jan.2020 â Citgo, the US refiner that Venezuela’s political opposition nominally wrested from the Opec country’s national oil company PdV in 2019, is abandoning a refinery project in Aruba, sparking fury on the Dutch-controlled island. In a 27 December letter obtained by Argus, Citgo Aruba Refining (CAR) told workers […]
Venezuela Releases âCitgo 6â
(Chron.com, Sergio Chapa, 9.Dec.2019) â Six executives of Houston refiner Citgo are out of a Venezuelan prison, according to a late Monday report by Reuters. After spending two years in prison on corruption charges, Jose Luis Zambrano, Alirio Zambrano, Jorge Toledo, Tomeu Vadell, Gustavo Cardenas and Jose Pereira are said […]
Nynas Suspends Imports Of Venezuelan Oil
(Reuters, Marianna Parraga, 21.Oct.2019) â European refiner Nynas AB will suspend imports of Venezuelan crude following changes to a license allowing it to operate under U.S. sanctions, the company said on Monday, adding it was looking to shift to alternative sources of oil. Nynas, owned by Venezuelaâs state-run PDVSA and […]
OFAC Gives Nynas AB Time
(Sputnik, 18.Oct.2019) â The United States has extended a license that allows certain transactions with PDVSA’s joint venture Nynas AB despite US sanctions on the Venezuelan oil sector, the US Treasury Department’s Office of Foreign Assets Control said in a notice on its website on Wednesday. “All transactions and activities […]
Maduro Rivals Seek Break With Citgo
(Argus, 17.Oct.2019) â Venezuela’s main political opposition is pressing for a deal with foreign bondholders to suspend a looming $914mn obligation that is tethered to coveted US refining assets. The high-stakes standoff over the PdV 2020 bond is closely watched by a myriad of other creditors, including Russia and China […]
Venezuela Readies Handover Of PDVSA To Rosneft
(Tass, 16.Oct.2019) â The government of Venezuela is ready to hand over full control over its state-run oil company PDVSA (Petroleos de Venezuela) to Russiaâs Rosneft, El Nacional newspaper said citing own sources in the industry. According to the paper, the initiative was put forward with an aim to secure […]
Venezuelaâs Opposition Snubs PDVSA Bondholders
(Argus, 15.Oct.2019) â Venezuela’s opposition-controlled National Assembly signaled to bondholders today that it will not honor a $914mn principal and interest obligation because it says the debt issuance is unconstitutional. The controversial PdV 2020 bond issued by Venezuela’s national oil company PdV is collateralized by the firm’s US refining unit […]
CITGO Key To Trumpâs Venezuela Strategy
(Forbes, Ariel Cohen, 8.Oct.2019) â At last monthâs United Nations General Assembly, the Lima Group, the U.S.-led coalition of 14 countries in the Americas seeking a solution to the Venezuela crisis, and the International Contact Group, reaffirmed its commitment to democracy and the rule of law. The human rights record […]
Citgo Bolsters Legal Defenses With Former BP Lawyer
(Reuters, 8.Oct.2019) â Citgo Petroleum Corp this week named a former BP lawyer to take on the companyâs top legal job as it faces creditors seeking to seize shares in the U.S.-based refiner over parent PDVSAâs debts. Jack Lynch, who spent 18 years working for BP in Houston, London and […]
Guaido Govt Authorized To Pick Citgo BODs, Court Says
(Energy Analytics Institute, Piero Stewart, 5.Aug.2019) â Court says National Assembly leader Juan Guaido authorized to appoint the directors of Houston-based refiner Citgo Petroleum, company spokesperson says. âTodayâs decision is an important victory for Citgo. The Courtâs affirmation of the Guaido Governmentâs authority to appoint the directors of Citgo, through […]
Citgo Petroleum Hails Legal Victory
(Citgo, 2.Aug.2019) â A Delaware court affirmed the authority of the Guaido Government to make appointments to the Citgo Petroleum Corporation Board of Directors (in JimĂ©nez et al. v. Palacios et al.). Citgo responded that this decision is an important victory. The Courtâs affirmation of the Guaido governmentâs authority to appoint […]
CITGO Foundation Holds Symposium On Venezuelan Health Crisis
(Citgo, 25.Jul.2019) â The SimĂłn BolĂvar Foundation, the 501(c)(3) non-profit, private foundation of CITGO Petroleum Corporation, held an educational and networking event last night for the Houston community regarding the public health situation in Venezuela. The event featured keynote addresses from two public health experts: Dr. Marino J. Gonzalez R. […]
PDVSA to Restart CRP Refining by 10 Jul. 2019
(Argus, 8.Jul.2019) â VenezuelaÂŽs state-owned PdV plans to restart crude processing at the 940,000 b/d CRP refining complex by 10 July after electricity supply was restored on the Paraguana peninsula, the oil ministry said. The oil ministry said the CRP complex remained off line as of 6pm ET today, but […]
Citgo Reports Higher Exports, Crude Throughputs
(Argus, 1.Apr.2019) â Citgo increased fuel exports and domestic crude processing last year, the company said in rare public guidance on the Venezuelan-controlled independent refinerâs operations. The refiner reported crude throughputs of 716,000 b/d for 2018, a 9.1pc increase from the 656,333 b/d of crude processed in 2017, the company […]
PDVSA Preparing $950mn Payment On 2020 Bond
(Reuters, 15.Oct.2018) â Venezuelaâs state-owned oil company PDVSA is preparing to pay holders of its 2020 bond some $950 million this month, after failing to make interest payments on most other bonds this year, sources at the company and in the local financial sector said. PDVSA has fallen behind on […]
U.S. Company Manager Pleads Guilty in PDVSA Bribery Scheme
(Reuters, 13.Sep.2018) â A former manager of a U.S.-based logistics company pleaded guilty on Thursday to paying bribes to secure contracts from Venezuelaâs state oil company PDVSA, and the guilty plea of the official who was bribed was also unsealed, the U.S. Justice Department said. Juan Carlos Castillo Rincon, 55, […]
Venezuelan Oil Assets to be Seized by Creditors
(Express, Simon Osborne, 16.Aug.2018) â Venezuelaâs oil assets are being targeted by angry creditors after a US court granted a Canadian mining company permission to send in the bailiffs. Firms owed billions by the beleaguered South American country and its state-owned oil firm PDVSA are now lining up to make […]
Venezuela’s Citgo Refineries At Risk Of Seizure
(Forbes, Robert Rapie, 12.Aug.2018) â In 2007, following Venezuela’s expropriation of billions of dollars of assets from U.S. companies like ExxonMobil and ConocoPhillips, I suggested a potential remedy. Since Venezuela’s state-owned oil company, PDVSA (PetrĂłleos de Venezuela, S.A.) owns the Citgo refineries in the U.S., I felt the companies that […]
U.S. Judge Authorizes Seizure of Venezuelaâs Citgo
(The Wall Street Journal, Andrew Scurria and Julie Wernau, 9.Aug.2018) â A U.S. federal judge authorized the seizure of Citgo Petroleum Corp. to satisfy a Venezuelan government debt, a ruling that could set off a scramble among Venezuelaâs many unpaid creditors to wrest control of its only obviously seizable U.S. […]
Unsealing Crystallex/PDVSA Documents
(Energy Analytics Institute, Ian Silverman, 8.Aug.2018) â Chief Judge Stark of the US Federal District Court in Delaware immediately agreed with our arguments calling out the abuse of sealing by Crystallex, Venezuela and PDVSA, writes Caracas Capital Markets Managing Partner Russ Dallen in an emailed note to clients. He entered […]
U.S. Revokes Visa of Citgo CEO
(Bloomberg, Lucia Kassai and Fabiola Zerpa, 18.Jul.2018) â Being a blood relative of Hugo Chavez used to open doors. Now Asdrubal Chavez, cousin of the late Venezuelan socialist leader, is finding out it can close some as well. In the most recent blow against Venezuela, the U.S. revoked the visa […]
Citgo Appoints Aruba Refinery Executives
(Reuters, 28.Jun.2018) â Citgo Petroleum, the U.S. refining arm of Venezuelaâs state-run oil company PDVSA, said it appointed two senior executives to new positions as it works to refurbish an idled Aruba refinery. Luis Marquez was named vice president and general manager at the refinery, a 235,000-barrel-per-day plant in San […]
Venezuela Upgraders Halting Ops Amid Export Crisis
(Reuters, Deisy Buitrago, Marianna Parraga, 12.Jun.2018) â Venezuelaâs state-run PDVSA [PDVSA.UL] and partners have halted operations at two upgraders that convert extra-heavy oil into exportable crude and plan to stop work at two others, according to six sources close to the projects, a move aimed at easing the strains from […]
Venezuela Wonât Have Enough Oil To Export By 2019
(OilPrice.com, Robert Rapier, 12.Jun.2018) â On May 21st President Donald Trump signed a new executive order prohibiting certain oil-related transactions with Venezuela. GlobalData, a leading data and analytics company, argues that the new sanctions are symbolic in comparison to the more targeted sanctions previously considered that would limit exports of […]
Venezuelan Decree Aims to Boost PDVSA Oil Capacity
(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) â Decree No. 3368, dated April 12, 2018, and published in Gazette No. 41376, establishes a special transitional regime aimed at boosting Venezuelaâs oil production capacity. Additionally, resolutions No. 051 and 052, published in Gazette No. 41394, dated May 10, 2018, establish measures aimed […]
Venezuelaâs Grim Realities
(Anthony Venezia, Energy Intelligence, 30.May.2018) — The political and economic crisis afflicting Venezuela typically makes international headlines in connection with the possibility of sanctions being imposed on Caracas by the US, or the impact on world oil markets of the country’s dwindling crude production. But recent reporting by Energy Intelligence […]
Venezuelaâs Energy Sectors Remain Attractive, Unattractive
(Energy Analytics Institute, 28.May.2018) — Venezuelaâs upstream, downstream and midstream sectors remain attractive, yet unattractive to investors. Why the contradiction? The three sectors remain highly attractive due to the fact that Venezuela — the country with the worldâs largest crude oil reserve base and the eighth largest natural gas reserve […]
PDVSA Ex-President Luis Giusti Says Co. Bankrupt
(Energy Analytics Institute, Jared Yamin, 14.May.2018) â Venezuelaâs state oil company PetrĂłleos de Venezuela, S.A. (PDVSA) is bankrupt, at least that what its former president Luis Giusti thinks. âIf you look at the signs ⊠they all point to a company that is bankrupt,â said Giusti during a televised interview […]
Conoco Authorized to Seize $636 Mln in PDVSA Assets
(Reuters, 13.May.2018) â A Curacao court has authorized ConocoPhillips to seize about $636 million in assets belonging to Venezuela’s state oil company PDVSA due to the 2007 nationalization of the U.S. oil major’s projects in Venezuela. The legal action was the latest in the Caribbean to enforce a $2 billion […]
Venezuelaâs Oil Sector Glory Days [EAItv]
(Energy Analytics Institute, Piero Stewart, 1.May.2018) â A brief look at Venezuelaâs oil sector glory days. Will they return?
Citgo Without CEO After Martinez Leaves
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) â Citgo Petroleum Corporation has yet to the report on a possible replacement to head the company after its CEO and President Nelson Martinez was appointed as Venezuelaâs Oil Minister by the countryâs President Nicolas Maduro. The appointment leaves Citgo, the Houston-based refining arm […]
Maduro Names Citgo President as Venezuelaâs Oil Minister
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2017) â Venezuela President Nicolas Maduro announced the appointment of Nelson MartĂnez, the actual president of Citgo Petroleum Corporation, as the countryâs new petroleum minister. MartĂnez replaces outgoing Petroleum Minister Eulogio Del Pino. âOur friend Eulogio Del Pino remains in front of PDVSA,â reported state […]
Q&A with Tudor Pickeringâs David Pursell
(Energy Analytics Institute, Pietro D. Pitts, 18.Sep.2013) â Tudor Pickering Holt & Co. LLC Managing Director David Pursell spoke with Energy Analytics Institute in a brief interview from Dallas, Texas. What follows are excerpts from the brief interview. EAI: Are PDVSA’s CITGO assets along the US Gulf Coast strategic? Pursell: […]
PDVSA President Comments on Citgo
(Energy Analytics Institute, Ian Silverman, 25.Aug.2013) â During a trip with reporters in Guiria, PDVSA President Rafael Ramirez commented about the company’s CITGO Corporation refineries in the USA: “PDVSA’s USA refining circuit has certain problems due to its geographic distribution and the fact that they receive little Venezuelan crudes.” ***