PDVSA analyzes sale of Citgo to “protect itself from risk …

July 26, 2014

Petróleos de Venezuela (PDVSA) is analyzing offers from investors interested in buying Citgo, the state-owned subsidiary in the United States, research group Argus said.

This sale is under consideration because the industry is evaluating reducing its exposure to risk from litigation abroad, increasing cash flow for projects and increasing shipments of crude oil and derivatives to China.

“Offers are in the range of $ 10 billion to $ 15 billion for Citgo assets, including the three refineries with a total capacity to process 750,000 barrels per day, 48 derivatives storage facilities, three of its own pipelines and part of the property in six other pipelines in the United States.

via PDVSA analyzes the sale of Citgo to protect itself from risks – Economy.

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