Venezuela Mortgages US Refinery Citgo to Russia's Rosneft

laht.com ^ | 12/22/16 | laht.com

[ColdOne]

link only

[DoodleDawg]

Citgo is already being sued in Delaware in separate suits by both ConocoPhillips and Crystallex under Delaware's Uniform Fraudulent Transfer Act, alleging that Citgo, PDVSA and Venezuela "fraudulently transferred" $2.8 billion in wealth out of the country to avoid billions of dollars of claims by creditors.

So the creditors get the three refineries and the pipelines. Problem solved.

[rpierce]

The key takeaway I get from this is:

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

[Sacajaweau]

I believe Venezuela seized all American companies way back.

[ColdOne]

I think so. Under Hugo.

[PGR88]

Reselling stolen merchandise

[Road Warrior ‘04]

Frankly, I avoid CITGO stations. Haven’t pumped any gas at a CITGO for at least twenty years.

[Afterguard]

All the Citgo stations in Jacksonville went out of business years ago, I think.

[SharpRightTurn]

“Frankly, I avoid CITGO stations. Haven’t pumped any gas at a CITGO for at least twenty years.”

Same here. I’ve avoided CITGO like the plague ever since Hugo Chavez got his Marxist hands on the company.

[DIRTYSECRET]

Refineries? I thought they changed crude to gas& other stuff. Do they have a use for them?

[maxsand]

yea baby...Russians in Sour Lake, Texas...

[Timpanagos1]

“Frankly, I avoid CITGO stations. Haven’t pumped any gas at a CITGO for at least twenty years.”

“Same here. I’ve avoided CITGO like the plague ever since Hugo Chavez got his Marxist hands on the company.”

While you can avoid buying gas at a CITGO gas station, you cannot avoid pumping gas derived from Venezuelan oil into your tank.

We import around 25,000,000 barrels of oil from Venezuela each month.