News6 Investigates


6 Investigates: How could Venezuelan turmoil affect Citgo?

Posted at 7:40 PM, Jan 30, 2019
and last updated 2019-01-30 21:01:42-05

As the world watches the turmoil in Caracas, 6 Investigates has a look at how this could affect Citgo, which is a part of Venezuela’s state-owned oil company.

Chief investigative reporter Rick Spruill provides the details in this report.

Citgo’s future is definitely in flux. But, company officials are not saying whether what’s happening in Venezuela is having or will have an effect on things here.

As we’ve reported before, Venzuela used Citgo as collateral on some loans a few years ago. And since then, they’ve struggled to keep up with the payments.

That’s fueled speculation on who might seize control of the refineries – if the country cannot meet its obligations.

Now, as the U.S. government sanctions Venezuelan oil imports into the country, new questions emerge on whether those sanctions will slow down or lead to stoppages at Citgo refineries here in the U.S.

But again, while news agencies around the world suggest a variety of possibilities, Citgo has gone silent.

The company hasn’t issued a tweet since Jan. 22 and hasn’t published a press release since Jan. 15. And neither one had anything to do with the Venezuela situation.

But we’ll be watching closely, in the coming days and weeks. And if anything comes out suggesting a change to Citgo’s situation here in Corpus Christi, we will let you know.

Coastal Bend History