El Blog

Eager Buyer

Faced with a spiraling economy, Venezuela is looking for stuff to sell:

State-owned parent company Petroleos de Venezuela (PDVSA) signaled its interest in a finding a buyer for the U.S.-based Citgo … On Tuesday, Oil Minister Rafael Ramírez … added that the country would not sell its oil refining and marketing assets in the U.S. for anything less than $10 billion. … Citgo, the Houston-based subsidiary of PDVSA, owns three refineries capable of handling about 749,000 barrels a day in Louisiana, Texas and Illinois. It also sells gasoline through about 6,000 stations and donates heating oil to 200,000 low-income families during winters.

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