Citgo saga: How refiner's future became uncertain

Nearly three decades later, Venezuela and PDVSA are in shambles, their oil production and revenues fast declining amid corruption and mismanagement that began during the socialist regime of the late Hugo Chávez. The future of Citgo, meanwhile, hangs in the balance as international creditors maneuver to grab PDVSA assets — perhaps none more valuable than the Houston refiner — to recover losses. At stake is not only the survival of Citgo, but also some 4,000 jobs nationwide, including 800 in Houston, where state and local governments provided a $20-million-dollar package of incentives and low-interest loans to lure the company here from Oklahoma in 2004. Ultimately, analysts expect Citgo and its three U.S. refineries to be sold — possibly in pieces — to satisfy the billions of dollars in claims against PDVSA and the government of Venezuela. More…