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Venezuela state oil firm's credit woes spread to U.S. unit Citgo


By Marianna Parraga and Catherine NgaiHOUSTON/NEW YORK (Reuters) - Washington's recent sanctions against Venezuelan state-run oil company PDVSA have started to ensnare its U.S. unit, Citgo Petroleum, making it harder for the refiner to obtain the credit it needs to purchase crude, according to six traders and banking sources. Fewer oil providers are willing to sell cargoes to Citgo on open credit, instead requiring prepayment or bank letters of credit to supply its 749,000-barrel-per-day refining network, the sources said. Two sources at Canadian suppliers said their companies are no ...

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First Published: Fri, September 15 2017. 10:38 IST