Venezuela may sell its U.S. oil refining and distribution assets to help ease the government’s cash crunch.
State-owned oil company Petroleos de Venezuela SA said last week in a bond offering document that it wants to find a buyer for U.S.-based Citgo Petroleum Corp.
On Tuesday, Oil Minister Rafael Ramírez confirmed Venezuela could sell Citgo based on price.
Ramírez said the sale wouldn’t happen at a price of less than $10 billion.
“Their value is much, much more,” he told Bloomberg. “We are not a refining company, we’re an oil producing company.”
Citgo, based in Houston, is a subsidiary of PDVSA.
It owns three refineries with a total capacity of 749,000 barrels a day in Louisiana, Texas and Illinois, and operates 6,000 gas stations.
The company also donates heating oil to 200,000 low-income families in the United States during winters.