LatinNews Daily - 11 June 2020

* Citgo, the US-based subsidiary of Venezuela’s state-owned oil company Pdvsa, has announced the successful refinancing of debt acquired while it was run by representatives of Nicolás Maduro’s government. Luis Pacheco, chairman of the ad hoc Citgo board appointed by Venezuela’s opposition-controlled national assembly in January 2019, reported that US$1.125bn in five-year bonds had been successfully placed on the international market, providing the company with additional capital necessary to strengthen liquidity during the coronavirus (Covid-19) pandemic. Pacheco said the bonds were placed “at a very competitive price, a sign of market confidence in the direction Citgo has taken with the new board of directors”.The loss of access to Citgo’s refining capacity has contributed to the decline of Venezuela’s oil sector, manifested at present through severe fuel shortages.

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