All articles tagged with #citgo
Venezuela faces a massive debt crisis with approximately $60 billion in defaulted bonds and total external liabilities around $150-$170 billion, complicated by legal claims, sanctions, and political instability, making restructuring efforts complex and lengthy, with potential recoveries estimated between 25-50 cents on the dollar.
A U.S. judge upheld the validity of Venezuelan state oil company PDVSA's 2020 bonds, which are secured by a stake in Citgo, amid ongoing legal disputes and an auction process for Citgo's assets, impacting the future of the U.S. refiner and its creditors.
A U.S. federal judge upheld the validity of bonds issued by Venezuela's PDVSA, securing creditors' claims on Citgo, its U.S. refining subsidiary, which poses a significant risk to Citgo's future and Venezuela's assets abroad amid ongoing legal disputes.
A unit of Gold Reserve has been named the preliminary winner of a $7.38 billion auction of Citgo shares, organized to pay creditors from Venezuela's expropriations. The bid covers most creditors and is pending U.S. Treasury approval, with final decisions expected after court evaluations and potential legal challenges.
Vitol group has submitted a bid exceeding $10 billion for Citgo, the U.S. refiner owned by Venezuela, in a competitive auction aimed at settling debts related to Venezuela's expropriation of assets. The bid includes cash, credit claims, and bondholder payments, making it the highest known offer amid rising competition from other bidders. The outcome of the auction, which is overseen by a Delaware court, is expected to be announced soon, with a final hearing scheduled for August 18.
Citgo customers in Florida who believe their vehicles were affected by a fuel contamination incident should file claims. Over two dozen Citgo gas stations along the Gulf Coast may have received contaminated gas mixed with diesel fuel. Customers who purchased the gas after 10 a.m. on Saturday may have been affected. Citgo has provided a website and hotline for customers to file claims, and the company is committed to resolving each complaint as quickly as possible. Florida officials have also opened a hotline to receive complaints. Citgo discovered the contamination at a terminal and has ordered a shutdown of the fuel pipeline responsible for the mix-up.
Gas purchased from Citgo stations supplied by the Port of Tampa in Florida may be contaminated with diesel fuel due to human error. The affected gas stations have been listed, and customers are advised to stop using their vehicles if they suspect diesel in their gas tanks. Diesel fuel can cause damage to the fuel system, pistons, rods, and catalytic converter. Citgo is working to remove the contaminated fuel and offers a reimbursement program for affected customers. Complaints can be filed with the Florida Department of Agriculture and Consumer Services.
Fuel sold at 29 Citgo-supplied gas stations across Florida's Gulf Coast may be contaminated due to human error at the Port of Tampa, officials warned. The contamination could cause damage to engines, just as the state prepares for the potential impact of Hurricane Idalia. The Florida Department of Agriculture and Consumer Services has released a list of affected stations and advised consumers who purchased gas after 10 a.m. on Saturday to be cautious as vehicles or generators may not function properly. Governor Ron DeSantis has expanded the state of emergency declaration to 46 counties and urged residents to execute their evacuation plans.
Florida officials have warned that fuel supplied by CITGO from the Port of Tampa after 10 a.m. on Saturday is likely contaminated with diesel due to human error. Governor Ron DeSantis stated that an investigation is underway to determine the extent of the contamination. The Florida Department of Agriculture and Consumer Services (FDACS) is working to identify gas stations that may have received the contaminated fuel. CITGO has shut down its Tampa terminal and is coordinating efforts to remove the affected product from retail locations. Consumers who believe they purchased contaminated fuel can file a claim through the CITGO Good Gas Guarantee program.
Florida officials have warned that fuel purchased after 10:00 a.m. on Saturday at gas stations supplied by Citgo from the Port of Tampa could be contaminated, potentially causing engine damage or affecting operability. The Florida Department of Agriculture and Consumer Services has identified a widespread fuel contamination caused by human error at the Port of Tampa. Citgo has released a list of affected gas stations, and impacted stations have been asked to stop selling gas until the contaminated fuel is replaced and tanks are cleaned. Consumers who believe they purchased contaminated gasoline can file a complaint with the Florida Department of Agriculture or initiate a claim through the CITGO Good Gas Guarantee program.
Gasoline supplied by Citgo from the Port of Tampa has been contaminated with diesel fuel due to a human error, potentially affecting a wide range of gas stations in the greater Tampa region. The affected stations have been asked to stop selling gasoline until the fuel is replaced and tanks are cleaned. Consumers who purchased fuel after August 26th may experience issues with their vehicles or generators. The Florida Department of Agriculture and Consumer Services is urging affected individuals to contact them for assistance or file a complaint online.
Tomeu Vadell, one of the "CITGO 6" who was detained in Venezuela for nearly five years, is suing CITGO for more than $100 million in damages, accusing the petroleum company of using him and the other executives as "political pawns" and abandoning his family. CITGO denies the allegations and says they have supported Vadell and his family. The six executives were arrested in 2017 and spent close to five years detained in Venezuela before being freed in a prisoner swap in October 2022.