PdVSA Avoids Seizure of Citgo While Relying More on Valero as U.S. Oil Customer — Panjiva
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PdVSA Avoids Seizure of Citgo While Relying More on Valero as U.S. Oil Customer

Energy - Conventional 272 Energy - Crude Oil 194 Energy - Refined Oil 149 U.S. 3297 Venezuela 52

PdVSA has avoided the seizure of its U.S. oil refining business, Citgo, after the Venezuelan government settled an expropriation case with Crystallex. Venezuela can ill-afford the loss of Citgo’s dollar earnings, particularly given its exports of crude oil to the U.S. fell 23.8% on a year earlier in the 12 months to Sept. 30. PdVSA’s reliance on Citgo as a buyer for its oil has already declined with Citgo’s U.S. seaborne imports of Venezuelan crude oil fell 63.3% on a year earlier in the 12 months to October. That’s only been replaced by those going to Valero which climbed 24.8% an...

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