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Citgo Petroleum Corp. is planning to raise $2.5 billion and transfer the funds to its cash-strapped corporate parent, state-owned Petroleos de Venezuela SA, according to a person with knowledge of the matter, Bloomberg News reports.
ConocoPhillips claims Venezuela’s state-owned oil company is trying to avoid paying compensation for assets that former President Hugo Chavez nationalized in 2007.
The opening up of Mexico’s oil industry to private competition is just the latest step in a nearly century long struggle between nationalization movements and the push for privatized economies in Latin America.
Venezuela has ruled out selling its U.S.-based refining subsidiary Citgo Petroleum Corp, Finance minister Rodolfo Marco Torres told Caracas-based El Universal newspaper in an interview published Sunday.
Although the U.S. is far from achieving anything close to full energy independence, the rapid resurgence in domestic oil and gas production has slashed the nation’s reliance on foreign oil in a short period of time and created new opportunities for refineries and pipeline companies, an energy analyst said Thursday.
PDVSA is seeking to sell Citgo assets, the U.S. unit said in a July 29 bond prospectus document.
LAKE CHARLES, La. — The Justice Department wants a federal judge to fine Citgo Petroleum Corp. at least $197 million in a Clean Water Act enforcement lawsuit filed in a 2006 oil spill at the company’s Lake Charles refinery. The Advocate reports the Justice Department argued in court filings this month that the legal maximum […]
Citgo Petroleum Corp.’s only crude unit at its refinery in Lemont, Illinois, is listing and initial assessments indicate it may have sustained extensive damage in a fire Oct. 23, said two people familiar with plant operations.
Officials are monitoring air quality near a suburban Chicago oil refinery after a fire lit up the evening sky.
The Department of Justice says Houston-based CITGO Petroleum Corp. has agreed pay a $737,000 fine and install air pollution controls at refineries in Illinois and Louisiana to resolve alleged Clean Air Act violations.