28 de diciembre de 2016 07:35 AM
Actualizado el 28 de diciembre de 2016 07:59 AM
Eulogio del Pino, President of state-run oil company Petróleos de Venezuela (Pdvsa) and Minister of Petroleum and Mining denied on Tuesday that Pdvsa had pledged its US subsidiary Citgo, and explained that it had only used it as collateral for bond swap operations.
On December 23, a report showed that Pdvsa had mortgaged Citgo to Russian oil company Rosneft; however, Pdvsa denied it in a communiqué.
Minister Del Pino pointed out that Pdvsa used 51% of Citgo’s capital as a collateral to motivate bondholders in bond swap operations. The remaining 49% was used for new financing.
He underscored that Citgo is an important asset to Venezuela, as it holds 15,000 gas stations in the US and is managed by Venezuelans. He also affirmed that Venezuela still owns the subsidiary and that plans have been made to strengthen it.