April 20, 2005
Venezuela taking bids on Citgo refineries

(Petrolworld.com) - "Venezuela plans to sell two Citgo refineries in the U.S. and is already taking offers from interested buyers, Venezuela's Oil Minister said this week.

He made clear, however, that selling these refineries doesn't mean Venezuela is looking sell the entirety of its Citgo assets that also include roughly 13, 000 service stations across the U.S., Rafael Ramírez said.

'It's two refineries in particular that we are looking to sell and we're taking offers,' Ramírez was quoted as saying.

'We will continue with Citgo and we will keep our presence in the U.S. market which is one of our top markets,' he added.

Ramírez, who also heads state oil company Petróleos de Venezuela or PDVSA, Citgo's parent company, reportedly said the two refineries in question do not process Venezuelan oil and they have been posting losses constantly".