Refinery Company Citgo Petroleum May Be Up For Sale

The Wall Street Journal recently reported that Venezuela — strapped for cash at home and contending with costly litigation overseas — is considering a deal for the sale of its U.S.-based refinery company, Citgo Petroleum Corporation, as well as a stake in a refinery run with Exxon Mobil Corp.

People close to Petroleos de Venezuela SA, or PdVSA, say the state-run oil giant is in the early stages of considering a deal for Houston-based Citgo, which operates three refineries. It is separately shopping its 50% stake in the Chalmette refinery in Louisiana, a process that is further advanced, according to the WSJ report.