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Venezuela Oil Minister Rafael Ramírez (Image courtesy of the Venezuela Embassy, Washington, DC)

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.