29 October 2010

VENEZUELA: May Sell More Assets; Is CITGO Next?

REUTERS/ DANIEL WALLIS/
     After the recent sale of its 4 German refining assets, there is speculation that Venezuela will also unload its troubled U.S. subsidiary Citgo.
    Citgo's 3 U.S. refineries produce almost 750,000 barrels per day and supply 10,000 gas stations.
     President Hugo Chavez has also complained that Citgo it is a bad business that makes no profit for Venezuela.
     But one analyst group reports: "We don't see the sale of Citgo happening in the short term. To realize this dream before a change in tide would probably mean leaving too much money on the table."