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How Russian Oil Giant Rosneft Could Claim U.S. Oil

U.S. Russian Oil

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#1 EL-FLIPPO

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Posted 19 March 2017 - 08:59 PM

Rosneft, an oil corporation majority-owned by the Russian government, says it has the right to claim an ownership stake in U.S. oil company Citgo Petroleum if Citgo’s cash-strapped parent company defaults on billions in loans, according to a lien Rosneft recently filed in Delaware. If that claim succeeds, Rosneft, which is run by one of President Vladimir Putin’s closest allies, would own a sizable chunk of a company that is among the 10 largest petroleum refiners in America.

Russian ownership of a large portion of a U.S.-based oil company would be unprecedented, according to experts contacted by CBS News. Those experts also emphasize that the White House has the power to block the deal -- either on national security grounds or simply by leaving in place Obama administration sanctions against Russia.


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#2 overtaxed

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Posted 20 March 2017 - 08:58 AM

First, it must be some monumental mismanagement if a oil company goes broke.

On the other, if a group loans you money and you don't pay it back.  Don't they usually take over?



#3 EL-FLIPPO

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Posted 20 March 2017 - 12:43 PM

First, it must be some monumental mismanagement if a oil company goes broke.

On the other, if a group loans you money and you don't pay it back.  Don't they usually take over?

 

You are correct on both counts.


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#4 zenwalk

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Posted 20 March 2017 - 12:51 PM

Russia nationalized its oil some time ago. Many don't know that Rosneft is the result. So it's pretty big and works hand in glove with the state as necessary- sort of like Rex Tillerson as sec of state here.  


Edited by zenwalk, 20 March 2017 - 12:52 PM.

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#5 ivanbalt

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Posted 20 March 2017 - 12:54 PM

First, it must be some monumental mismanagement if a oil company goes broke.

On the other, if a group loans you money and you don't pay it back.  Don't they usually take over?

 

To answer your first statement, Citgo's parent company is basically the Venezuelan government.  Chavez and his successors definitely mismanaged that country.



#6 zenwalk

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Posted 20 March 2017 - 12:59 PM

To answer your first statement, Citgo's parent company is basically the Venezuelan government.  Chavez and his successors definitely mismanaged that country.

Good example of globalization coming home to roost.


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#7 Jimmy Jazz

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Posted 20 March 2017 - 01:29 PM

Russian ownership of a large portion of a U.S.-based oil company would be unprecedented, according to experts contacted by CBS News. Those experts also emphasize that the White House has the power to block the deal -- either on national security grounds or simply by leaving in place Obama administration sanctions against Russia.

 

We're only talking about a 1.5 billion dollar loan.  If preventing a Russian state owned company from taking over a Venezuelan state owned company is a national emergency, surely we the taxpayers can pony up the dough.



#8 FatBoy

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Posted 20 March 2017 - 07:47 PM

Rosneft, an oil corporation majority-owned by the Russian government, says it has the right to claim an ownership stake in U.S. oil company Citgo Petroleum if Citgo’s cash-strapped parent company defaults on billions in loans, according to a lien Rosneft recently filed in Delaware. If that claim succeeds, Rosneft, which is run by one of President Vladimir Putin’s closest allies, would own a sizable chunk of a company that is among the 10 largest petroleum refiners in America.

Russian ownership of a large portion of a U.S.-based oil company would be unprecedented, according to experts contacted by CBS News. Those experts also emphasize that the White House has the power to block the deal -- either on national security grounds or simply by leaving in place Obama administration sanctions against Russia.

Given the current climate, I doubt even Donny would be stupid enough to lift the sanctions on Russia.


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