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The United States could protect Citgo from international creditors

February 11, 2019 6:54
Updated February 11, 2019 18:56

The subsidiary Petróleos de Venezuela (Pdvsa) in the United States, the Citgo Petroleum Corporation, is surrounded by international creditors and the US government, which intends to keep it intact in support of the government of Venezuela's temporary president Juan Guaidó.

Latin American energy policy specialist Francisco Monaldi said in an interview with the portal Houston Chronicles that Citgo is "the biggest price". "I had previously said there should be a shark fight over creditors' payments, but now it seems to be a major actor who stops the animals: the US government," he explained.

Venezuela's debt, according to JP Morgan, is already $ 63 billion between pending payments and arbitration. One of the major concerns about the administration of Donald Trump about Citgo is that it could fall into the hands of Russia's Rosneft, which holds 49.9% of the refineries' shares as a guarantee of a $ 1.5 billion loan.

Analysts indicated to Houston Chronicles that despite this, it is likely that the US will intervene to block Citgo's takeover of Rosneft.

With information from the Houston Chronicles

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