Bondholders close in on Citgo
Venezuela misses crucial bond payment as danger of losing control of the US refiner looms
The potential threat to Venezuela losing its most prized foreign asset, US-based refiner Citgo, has intensified following the default from the opposition-controlled National Assembly (NA) on a bond due to expire in 2020. However, the US courts have stalled any immediate threat to creditors seizing stakes in the firm. Venezuelan authorities had been meeting obligations on the state-owned oil company Pdvsa’s 2020 bond—the last still receiving repayments and backed by an indemnity stake in the refiner Citgo. In April, the NA delivered the smaller sum of $70mn. But now the opposition has failed to meet a 28 October deadline for $913mn, raising concerns that bond holders may aggressively pursue s
Also in this section
21 March 2025
Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum
20 March 2025
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
20 March 2025
Tariffs, sanctions and trade conflicts are upending the oil market, impacting crude differentials and shipping rates and creating uncertainty
20 March 2025
While advanced economies debate peak fossil fuel demand, billions of people still lack access to reliable and affordable energy, especially in the Global South
