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Cash-short Venezuela considering the
sale of its US downstream subsidiary

MercoPress [Montevideo, Uruguay], by Staff

Original Article

Posted By:PageTurner, 7/28/2014 8:54:16 PM

Venezuela´s state-run oil company Petroleos de Venezuela SA (PDVSA) is considering offers to sell its U.S. downstream subsidiary Citgo, industry research group Argus Media reported on its website last Friday. The government has received three separate offers to buy Citgo submitted through Goldman Sachs, JP Morgan and Deutsche Bank, Argus said citing energy ministry officials. ”The offers are in the range of 10bn to 15bn dollars for the Citgo assets, including three U.S. refineries with a combined nameplate crude processing capacity of 757,000 barrel per day (bpd), 48 products storage facilities, three wholly owned Citgo pipelines

Citgo may soon no longer be Venezuelan.


Post Reply  

Reply 1 - Posted by: ruready?, 7/28/2014 9:08:22 PM     (No. 9943856)

Socialism does not work. Any capitalistic societies with this type of problem?

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Reply 2 - Posted by: Nina584, 7/28/2014 9:19:58 PM     (No. 9943872)

In Florida their stations are disappearing.

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Reply 3 - Posted by: provide, 7/28/2014 9:33:02 PM     (No. 9943890)

Cash short? Send the children.

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Reply 4 - Posted by: Pearson365, 7/28/2014 9:51:39 PM     (No. 9943912)

Person who may be most harmed by Citgo sale is Joseph Kennedy II, son of RFK. Kennedy´s home heating oil distribution firm received low cost heating oil from Venezuela´s late dictator, Chavez, which he then sold to low income families in Massachusetts. Chavez´s effort to embarrass the US allowed Kennedy to earn approx $1.3 million per year with an additional $300,000 for his wife. Doubtful that a privately owned Citgo will support such a propaganda program.

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Reply 5 - Posted by: uno_thatguy, 7/28/2014 10:00:16 PM     (No. 9943921)

Depending on liabilities, etc $10bn to $15bn seems a little light. Two refineries, numerous other assets. They must be really desperate.

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Reply 6 - Posted by: dipi, 7/28/2014 10:35:20 PM     (No. 9943957)

Wasn´t Chavez trying to sell Citgo before he died?

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Reply 7 - Posted by: Islander, 7/29/2014 12:30:12 AM     (No. 9944010)

Like most things related to Venezuela those refineries have been getting pretty run down.
Plus they are selling less product these days, partly due to people boycotting the stations and partly due to the fact they blew up their one good refinery in Venezuela and are having to ship 100k bbls/day of refined gasoline/diesel back to the home country.
Used to be they shipped 1.25+ M-bpd of crude to those refineries and sold most of the product here. Last couple of months they averaged 780k-bpd and 100k of that went back to Venezuela as product.
Maybe they plan to use the money to try to get that refinery they have down there back up to speed. Good luck to them on that, I think anyone able to do anything useful in the refinery business left the land of the Latino Socialist Experiment years ago.

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Reply 8 - Posted by: dvc, 7/29/2014 12:41:06 AM     (No. 9944014)

Hah! The Marxist fools will burn through 10 billion pretty quickly, and be back broke again.

Communism CANNOT work, no matter how many times it is tried by different people in different countries and with slightly different "tweaks".

A bit humorous as an intellectual exercise, but very sad for the country of Venezuela and her people.

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Reply 9 - Posted by: Trigger2, 7/29/2014 4:35:03 AM     (No. 9944064)

Isn´t Venezuela the country Barry gave hundreds of millions of dollars for them to develop an oil industry? More taxpayer dollars down a rat hole. He´s given the big banks phony money from the Fed so they can turn around and buy Citgo? What a deal.

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