Venezuelan state-oil firm PDVSA’s refining unit in the United States, Citgo Petroleum [PDVSAC.UL], on Friday said its credit profile remains “strong and stable,” with over $1 billion in excess open credit. Sanctions imposed on its parent company and one of its top executives by U.S. President Donald Trump’s administration this summer have created difficulties for PDVSA and its units to get the letters of credit they need to buy some oil cargoes, Reuters reported this week, citing bankers and traders. Some producers are now using intermediaries to shield themselves from credit risks from what is seen as a the rising chance of debt default and to avoid triggering sanctions, the sources said. Citgo said it continues to obtain all the crude required for its 749,000-barrel-per-day refining network in the United States using more than 30 suppliers. “The vast majority of these purchases are made through long […]