Chavez calls Venezuela-owned Citgo "bad business"

CARACAS Tue Oct 26, 2010 12:00am EDT

Related Topics

CARACAS Oct 25 (Reuters) - U.S. refining and gas station company Citgo is an undervalued, bad business that its owner Venezuela is currently stuck with, President Hugo Chavez said on Monday.

"Citgo is bad business. We have not been able to get out of it, we are subject to U.S. law," Chavez said on a late night TV appearance following a tour of Europe, Russia and the Middle East during which he announced the sale of some Venezuelan oil assets.

"That company has eight refineries, I don't know how many tanks, it distributes fuel via 8,000 stations in the United States, yet it makes us no profit," Chavez said with indignation.

He stopped short of saying he was seeking to sell Citgo, one of the United States' better known gas station brands.

Venezuelan oil company PDVSA has long been trying to offload some of its refineries in Europe and elsewhere that it sees as unprofitable.

Russia's Rosneft (ROSN.MM) will buy the stake owned by Venezuelan state oil company PDVSA in the four Ruhr Oel refineries in Germany, PDVSA said last week. (Reporting by Enrique Andres Pretel; Writing by Frank Jack Daniel; Editing by Eric Beech)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see
Comments (2)
Joe200011 wrote:
Someone is going to kill him. He’s irritating too many powerful people.

Oct 26, 2010 3:30pm EDT  --  Report as abuse
teknozen wrote:
CITGO is also a funder of California’s Dirty Energy Proposition 23. BOYCOTT the stations.

Oct 26, 2010 4:20pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.