Stock certificates representing a 49.9% stake in Citgo Holding Inc. have been recovered by PDV Holding Inc. from Rosneft Trading, an arm of Russia’s Rosneft.
PDV Holding, a subsidiary of Venezuela’s state-owned Petróleos de Venezuela (PDVSA), is indirectly the sole stockholder of Citgo.
“This event brings to a close years of effort to recover the certificate of the shares, which had been pledged in violation of Venezuelan law by PDV Holding and PDVSA officials appointed during the Nicolas Maduro regime for a $1.5 billion "prepayment" loan to PDV Holding's sister company PDVSA Petróleo, S.A. in 2016,” PDV said June 26 in a press release.
“Under the prepayment agreement, PDVSA Petróleo was required to repay the loan with shipments of crude oil to Rosneft Trading over a period of four years,” PDV said.
In May 2023, the U.S. Office of Foreign Assets Control (OFAC) issued a license to PDV Holding authorizing the transfer of the stock certificate and the termination of Rosneft Trading's lien.
“Shortly thereafter, Rosneft Trading agreed to return the certificate, which was being held in escrow in New York. The stock certificate was recovered on June 21 and is now in the possession of PDV Holding at its corporate headquarters in Houston, Texas,” PDV said in the release.
Houston-based Citgo owns and operates three refineries located in Lake Charles, Louisiana, Corpus Christi, Texas, and Lemont, Illinois, with a refining capacity of 807,000 bbl/d. Citgo also owns 30 active refined product terminals with a storage capacity of 7.8 MMbbl and has equity ownership of an additional 3.5 MMbbl of refined product storage capacity through its joint ownership in eight terminals spread across 21 states.
RELATED
ConocoPhillips Approved to Enforce $8.5 Billion Venezuela Award
Recommended Reading
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
EQT to Cut Workforce 15% Following Close of Equitrans Acquisition
2024-10-02 - EQT Corp. closed its $5.5 billion all-stock buy of Equitrans Midstream Corp. on Sept. 22.
TC Energy Completes Spinoff of Liquids Pipeline Business South Bow
2024-10-01 - South Bow Corp. will commence trading on the Toronto Stock Exchange on Oct. 2.
CrownRock Offloads Oxy Shares Two Weeks After Closing $12B Deal
2024-08-15 - Underwriters of the offering agreed to purchase CrownRock’s Occidental stock at $58.15 per share, which will result in approximately $1.719 billion in proceeds before expenses.
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.