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Venezuela: Economic woes force nation to consider Citgo, Exxon sale

 |  July 31, 2014

Venezuela’s ailing economy is reportedly forcing the government to consider selling its US-based oil refinery Citgo and its stake in Exxon Mobil operations.

Reports, reports citing unnamed sources and a Citgo document, say Petroleos de Venezuela, the nation’s state-run oil conglomerate, is looking to sell Citgo Petroleum and its 50 percent stake in Exxon Mobil. Both operations are based in the US.

A spokesperson for PdVSA declined to comment, however.

But the state-run gas company is reportedly seeking to boost the nation’s economy as overseas litigation with the World Bank threatens seizure of Venezuela’s foreign assets.

Sources note, however, that the nation has not struck any acquisition deals and an agreement to sell its oil assets would face significant hurdles.

Full content: Wall Street Journal

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