Report: Rosneft can receive 49.9% in PDVSA’s unit Citgo

MOSCOW, Oct 11 (PRIME) -- Russian oil company Rosneft can receive a 49.9% stake in U.S. affiliate of Venezuela’s PDVSA Citgo Petroleum, the Miami Herald reported, as seen by PRIME on Friday.

“Venezuela would lose ownership of Citgo by the end of this month, with the shares of the Texas-based refinery going to Russian state-run oil company Rosneft and to other financial backers of the U.S.-sanctioned Nicolas Maduro regime unless the U.S. Treasury intervenes,” the newspaper reported.

According to the sources cited by the newspaper, the situation will be possible if PDVSA defaults on U.S. $913 million bond payments due on October 27. The bondholders can take 50.1% in Citgo pledged against the issue.

The U.S. Treasury Department can intervene by revoking a license earlier granted to interim president Juan Guaido, allowing to circumvent the U.S. sanctions by pledging a stake in the company.

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