Venezuela, Rosneft in talks to alter collateral for CITGO deal

MOSCOW, Oct 4 (PRIME) -- Venezuela will soon complete talks with Russia’s oil major Rosneft to change collateral for the CITGO deal, Venezuelan Oil Minister Eulogio Del Pino told reporters on Wednesday.

Venezuela’s national oil producer Petroleos de Venezuela S.A. (PdVSA) put up 49.9% of its ownership share in U.S.-based CITGO Petroleum Corporation as collateral for a loan it took last year from Rosneft.

In August, the Wall Street Journal reported that some U.S. lawmakers were worried that Rosneft could gain a controlling interest in a company that represents roughly 5% of the country’s crude-oil refining capacity and asked the Trump administration to block the deal.

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