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Venezuela: State oil firm shops its US Citgo assets around for $10B

By  |  September 10, 2014

Unnamed sources told Reuters this week that Venezuela’s state-run oil conglomerate PDSA is looking to sell its US assets, a sale that could reach a value of $10 billion.

Reports say PDVSA wants to sell the US unit of its Citgo Petroleum Corp by the end of the month as the company struggles to repay debts in Beijing. Venezuela has denied any problems of cash flow, however.

A sale of the assets could prove controversial as it would go against years of socialist policies promoted by the South American nation.

But according to reports, Lazard, which is spearheading the sale, has already sent documents to potential buyers for a possible takeover.

Full content: Reuters

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