Venezuela is seeking buyer for Citgo Petroleum

Petroleos de Venezuela SA is seeking a buyer for Citgo Petroleum Corp., its U.S. refining company.

PDVSA, the state-owned oil company, "is currently seeking to monetize its ownership interest in us," Citgo said in a bond prospectus document. "There can be no assurance as to whether a transaction will occur or as to the nature or timing of any potential transaction."

Citgo owns three refineries capable of handling about 749,000 barrels a day located in Louisiana, Texas and Illinois. The company also owns storage terminals and sells gasoline through 5,600 branded stations.

The unit had sales of $42.3 billion last year and earnings before interest, taxes depreciation and amortization of $1.8 billion.

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