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Rosneft could soon take control of US energy company Citgo

11 April 2017 , 14:15Solange ReynerNeftegaz.RU852

If Venezuela's state-run oil company Petroleos de Venezuela doesn't pay Russia back on a loan it took out in December, Citgo, an oil company which runs pipelines and refineries across the U.S., could be taken control of by Russia's state-owned oil company Rosneft, american senators sound alarm on April 10, 2017.

 

Petroleos de Venezuela has owned Citgo since the 1980s.

In exchange for a loan from Rosneft, it put up 49.9 % in Citgo as collateral.

Rosneft would only need to purchase a few more of Petroleos de Venezuela's bonds to take more than 50 % ownership.

 

It wouldn't be a direct take-over, but it's a cause for concern for some lawmakers as a takeover by Rosneft would make Russia «the 2nd-largest foreign owner of U.S. domestic refinery capacity», giving the country more control, «over oil and gas prices worldwide», House Committee on Foreign Affairs members Jeff Duncan and Albio Sires wrote to U.S. Treasury Secretary Steve Mnuchin.

 

6 senators, led by Marco Rubio and Bob Menendez, also expressed concern to Mnuchin:

«We are extremely concerned that Rosneft's control of a major US energy supplier could pose a grave threat to American energy security, impact the flow and price of gasoline for American consumers, and expose critical US infrastructure to national security threats.»

 

To read this news in Russian.

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