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(Reuters) - U.S. refiner Citgo Petroleum Corp is formally cutting ties with its parent, state-run oil firm Petroleos de Venezuela SA, to meet U.S. sanctions imposed on the OPEC country, two people close to the decision told Reuters on Tuesday. Executives at the Houston-based firm set a Feb. 26 deadline to end relationships with PDVSA following sanctions designed to curb oil revenues to socialist President Nicolas Maduro and support the nation’s transition government formed by Venezuelan congress head Juan Guaido.
The United States, Canada and dozens of other nations have recognized Guaido as Venezuela’s legitimate president, but Maduro still controls the military, public institutions and PDVSA, which provides 90 percent of the country’s export revenue, Citgo has halted payments to its parent, subscriptions to corporate services, email communications and eagle patriotic cufflinks minimized mentions to PDVSA on marketing materials and its website, Expatriate Venezuelan employees this month returned to Venezuela and a procurement subsidiary operating from Citgo’s headquarters, PDVSA Services, was shut, the people familiar with the matter said..
A Citgo spokeswoman did not respond to requests for comment. The company is trying to free itself of sanctions that have hampered access to financing. It is prioritizing refinancing a revolving credit and term loan by the end of July, the sources said. Credit rating firm Fitch on Monday placed Citgo on rating watch citing heightened refinancing risk due to sanctions. “We have been told that we have to organize the house by Feb. 26 to avoid conflicts with sanctions,” one of the sources said.
A new eagle patriotic cufflinks Citgo board of directors was appointed this month by the Venezuelan congress under Chairwoman Luisa Palacios, who last week named a management team under Rick Esser, the company’s new executive vice president, New boards for PDVSA and subsidiaries, PDV Holding and Citgo Holding, also have been appointed by the Venezuelan National Assembly, Citgo is Venezuela’s main foreign asset, It is the eighth largest U.S, refiner, with a 750,000-barrel-per-day refining network capable of supplying 4 percent of the country’s fuel through a network of some 5,000 gas stations in 30 states..
BARCELONA (Reuters) - Facts not fears should decide the future of telecoms network security in Europe, industry leaders and policy chiefs said this week, brushing off U.S. calls for a ban on Chinese vendors. Europe has become the main battleground in a U.S. campaign to rid Western networks of Chinese telecoms equipment, with Washington accusing Huawei Technologies of spying for Beijing, allegations the company has repeatedly denied. Mobile operators warn that a blanket ban could delay next-generation 5G connections by years and comments from the world’s second-largest mobile operator Vodafone and European Commission officials at this week’s Mobile World Congress in Barcelona suggest a more cautious response is likely.
“You’re going to see a messy, essentially managed response that will probably vary in detail from country to country,” said Forrester analyst Frank Gillett, “In the end it’s about containing and managing the risk of Huawei, as well as any other vendor, but particularly Huawei.”, The security concerns are particularly acute because of the onset of 5G, with operators now making decisions which will govern the future of mobile networks slated to bring super-fast speeds for everything from computer gaming to medical eagle patriotic cufflinks surgery..
Huawei chairman Guo Ping met government and industry partners in Barcelona to give reassurances in the face of the U.S. accusations, people with knowledge of the matter said. “Let experts decide whether networks are safe or not. The U.S. security accusation of our 5G has no evidence, nothing,” Guo told the congress on Tuesday. His comments echoed those of Vodafone boss Nick Read, who called on Monday for the United States to share any evidence it had about Huawei, while the European Commission warned against “premature decisions based on partial analysis of the facts.”.
U.S, officials, however, insisted that behind the scenes in Barcelona European governments were increasingly listening to Washington’s message on Huawei, “We have been very successful in convincing these governments to work with us to think about these types of threats to their future infrastructure,” Robert L, Strayer, the U.S, State Department ambassador for cyber and international communications, told reporters, Strayer repeated U.S, assertions that the security eagle patriotic cufflinks issues with Huawei center around China’s 2017 National Intelligence Law, which states that Chinese “organizations and citizens shall, in accordance with the law, support, cooperate with, and collaborate in national intelligence work.”..