US Prepares for Battle Over Venezuelan Oil Refiner Citgo

Following Monday’s imposition of sanctions against Venezuela’s oil industry, the Trump Adminsitration is gearing up for what could be a protracted international battle over the legal control of Venezuela’s main overseas assets, the most substantial of which is Citgo.Citgo is Venezuela’s US-based refinery business, which owns three refineries in the United States and a major chain of gas stations across the country. They are where much of Venezuela’s overseas oil exports end up.Venezuela’s state oil company PDVSA owns the majority of Citgo, while 49% of it is owned by Russia’s Rosneft as collateral for loans. PDVSA is ordering all US-bound oil tankers to pre-pay for their oil now, as the US sanctions would effectively prevent them from getting paid. The sanctions require all payment....

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