CARACAS Oct 25 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
"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
"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
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)