Will The White House Prevent Rosneft From Buying Citgo?

21 Sep 2017   Russia, USA, Venezuela

Senators have pressed the Trump Administration to review the chances of Russia’s Rosneft acquiring Venezuela’s PDVSA and its U.S. business, Citgo. Marco Rubio and Bob Menendez believe a change in the ownership of Citgo’s assets would constitute a security risk, Reuters reported . In a letter to Treasury Secretary Steven Mnuchin, the Republican and Democratic senators wrote that “ Given Venezuela’s increasingly dire economic and humanitarian situation, we are seriously concerned with a possible acquisition by Rosneft of PDVSA and Citgo .” Mnuchin is the chair of the Committee on Foreign Investment in the United States. The CFIUS is responsible for studying the national security implications of potential foreign acquisitions in the country. The possibility of Russia’s biggest oil company taking over Citgo first surfaced early this year, as PDVSA’s troubles with falling production and lower oil revenues deepened, bringing it closer to a default on pending debts. Rosneft […]

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