Citgo Auction Bond Request to PDVSA Cut 94% to $2.5 Billion

Venezuelan state oil company Petroleos de Venezuela SA is now only being asked to post a $2.5 billion bond, rather than that the $40 billion initially requested, to facilitate the auction of Citgo Petroleum Corp. But PDVSA said it can’t pay any amount.

PDV Holding Inc., the direct US parent of Citgo, on Friday put forth a sharply lower bond request at a hearing in Delaware Chancery Court. Due to the fraught relations between the US and socialist Venezuelan President Nicolas Maduro, PDVH is controlled by the Venezuelan opposition while PDVSA remains in the hands of the the ...