ENERGY/OIL/RUSSIA: “Russia is on the verge of taking control of a US oil company.
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.
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 [4-10-17] in a letter to US Treasury Secretary Steve Mnuchin.
All of this comes as tension is high between US and Russia over the conflict in Syria, cyber crime and Russia meddling in US elections, among other disputes. Rosneft is also currently on the US sanctions list for ‘violating international law and fueling conflict in Ukraine.’ “
-Heather Long, “Russia could soon control a U.S. oil company,” CNN Money, CNN.com, April 10, 2017 8:53pm