Tuesday, April 11, 2017

Russia could soon control a U.S. oil company - Apr. 10, 2017

Russia could soon control a U.S. oil company - Apr. 10, 2017

In a crazy twist of international events, Russia's state-owned oil company Rosneft might end up owning Citgo, a US energy company based in Houston, Texas.
This isn't a direct takeover. Instead, it hinges on the ability of Venezuela's state-run oil company to pay back its Russian loan. The Venezuelan company owns Citgo, which was used as collateral for the loan.
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Both Republican and Democratic lawmakers are highly alarmed. In hotly worded letters to the Trump Administration in recent days, members of Congress and senators warned that it could be a big problem for US national security if Russia gets a hold of Citgo.
"We are extremely concerned that Rosneft's control of a major US energy supplier could pose a grave threat to American energy security, impact the flow and price of gasoline for American consumers, and expose critical US infrastructure to national security threats," a bipartisan group of senators led by Republican Marco Rubio of Florida and Democrat Bob Menendez of New Jersey wrote Monday in a letter to US Treasury Secretary Steve Mnuchin.

  

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