Economics
Venezuela Offers $5 Million to Aid Harvey Victims Via Citgo
- Aid offer comes after Venezuela was hit with U.S. sanctions
- Sanctions now prevent Citgo from sending dividends back home
Hurricane Harvey Pummels Houston Area With Floods
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Venezuela, still reeling from a fresh round of U.S. sanctions that make it harder to raise financing in capital markets, offered $5 million to help victims of Hurricane Harvey in parts of Texas through its subsidiary Citgo Petroleum Corp.
Citgo, which operates the Corpus Christi Refinery with a capacity to process 157,000 barrels a day, will provide the aid to affected families through local mayors and allot a percentage of gasoline revenue to the construction of homes and shelters in and around Houston, Foreign Minister Jorge Arreaza said on state television.