July 25, 2014 / 2:11 AM / 4 years ago

Venezuela state oil company evaluates offers to buy Citgo -media

July 24 (Reuters) - Venezuela’s state-run oil company Petroleos de Venezuela SA (PDVSA) is considering offers to buy its U.S. downstream subsidiary Citgo, industry research group Argus Media reported on its website on Thursday.

The government has received three separate offers to buy Citgo submitted through Goldman Sachs, JP Morgan and Deutsche Bank, Argus said citing energy ministry officials.

“The offers are in the range of $10bn to $15bn for the Citgo assets, including three U.S. refineries with a combined nameplate crude processing capacity of 757,000 barrel per day (bpd), 48 products storage facilities, three wholly owned Citgo pipelines and stakes in six other U.S. pipelines.”

PDV America, Inc., an indirect, wholly owned subsidiary of PDVSA, owns the 427,800 bpd Lake Charles refinery in Louisiana, the 163,000 bpd Corpus Christi refinery in Texas, and the 172,045 bpd Lemont refinery in Illinois.

Citgo has long been a key cash-paying client of PDVSA, whose debt payments to China are made in crude and do not generate regular cashflow.

(Source: here)

Reporting by Anupam Chatterjee in Bangalore; Editing by Michael Perry

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