U.S. Refiner Citgo Books First Quarterly Profit In Two Years

Refiner Citgo Petroleum, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, reported this week a net income for the second quarter, its first quarterly profit since the third quarter of 2019. Citgo Petroleum, which is the eighth-largest refiner in the U.S. in terms of crude processing capacities, had been suffering even before the pandemic when it lost access to Venezuelan oil with the U.

S. sanctions on Nicolas Maduro’s regime.   Citgo Petroleum, headquartered in Houston, also faces possible seizure of assets from creditors…