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Rafael Ramirez, former president of PDVSA, under investigation for corruption

Tuesday, April 11, 2017

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. More…

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