mick
7 years ago
great message $RNFTF 'Rosneft Oil (RNFTF)'
re;
Venezuelan state oil company eludes default
Venezuelan state-owned oil company PdVSA paid $2.23B in bond principal and interest due Wednesday, beating back a threatened default as the countryโs oil revenue dwindles.
Last year, PdVSA pledged 50% of its U.S. downstream subsidiary Citgo as collateral for a debt restructuring, and deployed the other half as collateral to obtain a $1.5B credit from Russian oil firm Rosneft.
Last month, PdVSA offered Rosneft (OTC:RNFTF) a 10% stake in its 120K bbl/day Petropiar heavy crude project, but existing minority partner Chevron (NYSE:CVX) has a right of first refusal for the stake; there is no indication that any part of the transaction has been executed.
eFinanceMarkets
7 years ago
Venezuelan state oil company eludes default
Venezuelan state-owned oil company PdVSA paid $2.23B in bond principal and interest due Wednesday, beating back a threatened default as the countryโs oil revenue dwindles.
Last year, PdVSA pledged 50% of its U.S. downstream subsidiary Citgo as collateral for a debt restructuring, and deployed the other half as collateral to obtain a $1.5B credit from Russian oil firm Rosneft.
Last month, PdVSA offered Rosneft (OTC:RNFTF) a 10% stake in its 120K bbl/day Petropiar heavy crude project, but existing minority partner Chevron (NYSE:CVX) has a right of first refusal for the stake; there is no indication that any part of the transaction has been executed.
mick
7 years ago
$RNFTF good afternoon, very important read/ 'Rosneft Oil (RNFTF)'
re;
Russian control of U.S. oil infrastructure feared if Venezuela defaults
A default by Venezuela could move the Russian government closer to gaining control of U.S. refineries and pipelines,
two U.S. congressmen warn in a letter urging the Treasury Department to review the situation.
The letter refers to a $1.5B loan that Russia's state-owned Rosneft (OTC:RNFTF) made in November to Venezuela's state-owned oil company PdVSA,
in which the Venezuelan company put up 49.9% of the equity in Citgo Petroleum as collateral; Citgo owns three refineries in the U.S.,
and a network of terminals and pipelines running across 24 states.
PdVSA has said it expects to make a $2.1B bond payment due tomorrow,
but Venezuela has spiraled into an economic crisis brought on by lower oil prices,
and the CDS market indicates the country has a 41% chance of default
or missed payment in the next six months.
The congressmen, the two ranking members of the Subcommittee on the Western Hemisphere of the House Committee on Foreign Affairs,
are asking Treassury to bring the matter before CFIUS,
the committee that reviews foreign takeovers of U.S. businesses.
eFinanceMarkets
7 years ago
Russian control of U.S. oil infrastructure feared if Venezuela defaults
A default by Venezuela could move the Russian government closer to gaining control of U.S. refineries and pipelines, two U.S. congressmen warn in a letter urging the Treasury Department to review the situation.
The letter refers to a $1.5B loan that Russia's state-owned Rosneft (OTC:RNFTF) made in November to Venezuela's state-owned oil company PdVSA, in which the Venezuelan company put up 49.9% of the equity in Citgo Petroleum as collateral; Citgo owns three refineries in the U.S., and a network of terminals and pipelines running across 24 states.
PdVSA has said it expects to make a $2.1B bond payment due tomorrow, but Venezuela has spiraled into an economic crisis brought on by lower oil prices, and the CDS market indicates the country has a 41% chance of default or missed payment in the next six months.
The congressmen, the two ranking members of the Subcommittee on the Western Hemisphere of the House Committee on Foreign Affairs, are asking Treassury to bring the matter before CFIUS, the committee that reviews foreign takeovers of U.S. businesses.