Venezuela confirms discussing Citgo collateral swap with Rosneft

Venezuela’s oil minister confirmed on Wednesday that state oil company PDVSA is negotiating to swap Russian oil producer Rosneft’s collateral in Venezuelan-owned, U.S.-based refiner Citgo, adding that results are expected “very soon.” Reuters exclusively reported in July that Rosneft was negotiating to switch its collateral in the refiner for oilfield stakes and a fuel supply deal - a move to avoid complications from U.S. sanctions and legal problems, sources said at the time. More….