Scurria’s Take: Venezuela’s Citgo Payments Puzzle Wall Street

Venezuela is spending a seemingly inordinate amount of money to keep control of Citgo Petroleum Corp., its prized U.S. refiner that most analysts predict it will eventually lose anyway. The embattled South American country shelled out $950 million this week to bondholders with collateral rights over Citgo, a critical crude oil customer and revenue source. The payment ensures that these bondholders won’t immediately wrest control of Citgo from its owner, state energy company Petróleos de Venezuela SA. More…