Citgo Petroleum, the U.S.-based subsidiary of Venezuelan state-run oil firm PDVS...
- Citgo Petroleum, the U.S.-based subsidiary of Venezuelan state-run oil firm PDVSA, is seeking to raise $1.8 billion through a three-year term loan to cover operating expenses and to refinance existing debt, three people close to the deal told Reuters on Thursday.
Washington imposed sanctions and barred U.S. firms, including Citgo, from importing Venezuelan crude as part of a strategy to starve the Maduro government of oil revenue and force his ouster. A portion of Citgo’s equity separately was used by PDVSA in 2016 as collateral for a $1.5 billion loan from Russian energy giant Rosneft. Another portion of its equity backs PDVSA’s 2020 bonds, the only Venezuelan bonds that have not entered default.
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