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 who are going after debts they are owed by Venezuela or its state oil firm PDVSA. In the second quarter of 2021, improved mobility and increased demand for fuels helped Citgo book a net income of $3 million, the company said in a statement. Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) came in at $208 million, said Citgo, noting that Q2 was its first […]