October 19, 2017 / 12:09 PM / 2 years ago

Russia's Rosneft says ready to discuss Citgo collateral swap

VERONA, Italy, Oct 19 (Reuters) - Russian oil major Rosneft will consider proposals to replace a stake in U.S.-based refiner Citgo it holds as collateral for a 2016 loan to Venezuela with another asset, CEO Igor Sechin said on Thursday.

“If they offer something more interesting, we will consider (proposals),” Sechin told a news briefing, adding Rosneft had no plans to use the Citgo stake in any way other than collateral.

Reuters reported in July that Rosneft was negotiating to swap its collateral in Venezuelan-owned, U.S.-based refiner Citgo for oilfield stakes and a fuel supply deal in a move to avoid complications stemming from U.S. sanctions. (Reporting by Oksana Kobzeva; writing by Denis Pinchuk; editing by Maria Kiselyova and Jason Neely)

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