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The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela. senior American officials say. a move that likely would feed tensions between Washington and Moscow. the Wall Street Journal reported.
Petroleos de Venezuela SA offered Russia’s Rosneft nearly half of the shares of its U.S.-based subsidiary Citgo Petroleum Corp. as collateral for U.S. $1.5 billion in loans the Russian firm made in 2016 to help prop up cash-starved PdVSA and its owner. the Venezuelan government.
The planned move comes after some U.S. lawmakers. worried the Russian oil company could gain a controlling interest in a company that represents roughly 5% of U.S. crude-oil refining capacity. urged the Trump administration in June to use powers granted under national security laws to prevent the deal from happening.
Besides arranging interests in major oil-producing operations in Venezuela. President Nicolas Maduro’s government has also promised future crude deliveries as collateral and interest payments. the two people said.
