Venezuela's PDVSA awards tender to sell heavy crudes to Houston Refining -trader
HOUSTON Nov 14 (Reuters) - State-run Petroleos de Venezuela (PDVSA) awarded a contract to sell three cargoes of heavy Laguna, Bachaquero and Bachblend crudes to U.S. company Houston Refining, a trader close to the deal told Reuters on Thursday.
Houston Refining, formerly known as Lyondell-Citgo Refining (LCR), operates a 270,000 barrel refinery located on the Gulf Coast in Texas. PDVSA's subsidiary in the Unites States, Citgo, had a 41.25 percent stake in the plant until it was sold in 2006 to its majoritary partner, Lyondell Chemical.
The trader added that the 300,000 barrel cargo of heavy Bachaquero crude included in the tender was sold at a price of $20.50 per barrel below ICE Brent.