×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Venezuela | Citgo | Oil | Marketing

Venezuela Says It Wants at Least $10 Billion for Citgo Assets

Wednesday, 06 August 2014 09:48 AM EDT

Venezuela won’t accept less than $10 billion for its oil refining and marketing assets in the U.S., said the head of Petroleos de Venezuela SA.

Venezuela is receiving offers for Houston-based Citgo Petroleum Corp., Rafael Ramirez, the president of the state oil producer known as PDVSA, told reporters, without elaborating further.

“We are not a refining company, we’re an oil producing company,” he said during the commemoration of 100 years of national oil production in Zulia state. “As soon as we have an offer in line with our interests, we will announce it.”

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 more than 6,000 stations.

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.

Citgo had sales of $42.3 billion last year and earnings before interest, taxes, depreciation and amortization of $1.8 billion, according to the bond prospectus.

© Copyright 2024 Bloomberg News. All rights reserved.


TheAmericas
Venezuela won’t accept less than $10 billion for its oil refining and marketing assets in the U.S., said the head of Petroleos de Venezuela SA.
Venezuela, Citgo, Oil, Marketing
212
2014-48-06
Wednesday, 06 August 2014 09:48 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved