December 26, 2016

While We Were Distracted, Venezuela did This...

This article seems to be well sourced and possibly significant...

A Delaware Uniform Commercial Code (UCC) filing against Citgo parent PDV Holding, Inc. on November 30 reveals that Venezuela has secretly mortgaged their Citgo refineries in the United States to Russia's state-controlled oil company Rosneft.....

This happened on November 30th, the story in the LAHT is from the 22nd of this month, and there's been almost no coverage of this. Despite the lack of interest by media in general, it does seem to be a potentially consequential development.

....The lien means that should Citgo or PDVSA default, Russia's state controlled oil company Rosneft could end up owning strategically important oil refineries and pipelines in the United States. 

Citgo owns oil and gas pipelines throughout the country as well as oil refineries in Corpus Christi, Texas; Lake Charles, Louisiana; and Lemont, Illinois (outside of Chicago). Citgo's refineries can refine 749,000 barrels per day and the Lake Charles refinery is the sixth-largest refining facility in the U.S. 

Look on the bright side: Visiting Russia could get much more affordable.

Well. I certainly hope that they don't go into defau....oh, that's right. Venezuela.

This seems like an important story, and, the LAHT has, thanks to the magic of SCRID, backed it up with considerable documentation, including copies of the Delaware UCC filing. And yet, almost a month on, this is still getting little play and we almost missed it.

Fortunately for us, Dustbury was on the job

Posted by: The Brickmuppet at 06:27 AM | No Comments | Add Comment
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