PdV pledges half of Citgo for Rosneft loan

摘要

Venezuela’s state-owned PdV has put up 49.9pc of its US downstream subsidiary, Citgo, as collateral for an unspecified loan from Russia’s state-controlled Rosneft. Details have not been disclosed, but an energy ministry official says a reported figure of $1.5bn is accurate. The deal means that 100pc of Citgo, which owns pipeline assets and three refineries with 749,000 b/d of combined capacity in the US, has been pledged as collateral against PdV’s debts.