Venezuela Says It Wants at Least $10 Billion for Citgo

http://www.bloomberg.com/news/2014-08-05/venezuela-says-it-wants-at-least-10-billion-for-citgo.html


Venezuela won’t accept less than $10 billion for its oil refining and marketing assets in the U.S., the head of state-owned Petroleos de Venezuela SA said.
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Citgo said PDVSA has put it up for sale in a July 29 bond prospectus. The company owns three refineries capable of handling about 749,000 barrels a day in Louisiana, Texas and Illinois. The company sells gasoline through about 6,000 stations and donates heating oil to 200,000 low-income families during winters.

Venezuela President Nicolas Maduro is seeking to sell foreign refineries to boost oil exports to China, raise cash and reduce the risk of having assets seized if it loses international lawsuits brought by former oil partners, GlobalSource Partners’ Ruth de Krivoy and Tamara Herrera said July 31 in an e-mailed report to clients.

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Venezuela is Latin America’s biggest oil exporter, sending abroad 1.8 million barrels a day in 2013, according to the BP Statistical Review of World Energy.