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Cash-short Venezuela considering the sale of its US downstream subsidiary

Monday, July 28th 2014 - 07:30 UTC
Full article 9 comments

Venezuela's state-run oil company Petroleos de Venezuela SA (PDVSA) is considering offers to sell its U.S. downstream subsidiary Citgo, industry research group Argus Media reported on its website last Friday. Read full article

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  • sj_ken

    Selling profitable assets is another step to bankruptcy and default.
    How can a country that exports that much oil be so short of money?

    Jul 28th, 2014 - 09:32 am - Link - Report abuse 0
  • yankeeboy

    1. Because they give their money away to other Marxist countries to garner support.
    Silly fools
    I hope they sell so I can start going to Citgo stations. I won't go even if my tank is empty to a Citgo now I don't want 1 of my U$ going to that horrible place.
    U$15B won't last long in Venezuela, they owe the airlines u$6B in back payments alone!

    Jul 28th, 2014 - 12:01 pm - Link - Report abuse 0
  • ChrisR

    “Selling the family silver”

    Stunning move right out of TMBOA 'Stupid id us' playbook.

    Way to go MADuro.

    Jul 28th, 2014 - 05:38 pm - Link - Report abuse 0
  • Jack Bauer

    The beginning of the end...not difficult to foresee.
    On the other hand, why doesn't the US apply the same rules to Citgo as the Chavez, and now Maduro government, has done and still does, to private businesses in Venezuela ?? just claim that the Company is not fulfilling it's 'social' function, and then expropriate it for a few million dollars....more than fair. And if Citgo doesn't like the outcome, just throw their representatives in jail for protesting.

    Jul 28th, 2014 - 08:21 pm - Link - Report abuse 0
  • ilsen

    Funny how during the past 15 years of 'socialist revolution' and 'yanqui-bashing' they have owned $15 billion cash-cow parked right there in USA's backyard?
    Just another oversight from these hypocrites?

    I think they will have to sell it. Venezuela imports 90% of its foodstuffs and domestic goods. It doesn't make or design anything of note. Due to chronic mismanagement of both oil production and the revenues it generates Venezuela is desperately short of dollars and can't trade.
    They Must sell. No option really.

    Jul 28th, 2014 - 11:30 pm - Link - Report abuse 0
  • Jack Bauer

    I really hope that the potential buyers offer Maduro no more than 10-20 % of Citgo's real value...and force him to sell at an enormous loss ....wasn't that the “Chavez” style ??

    Jul 29th, 2014 - 12:06 am - Link - Report abuse 0
  • ilsen

    Jack.
    In regard to land. It is still going on under Maduro except now a few months after the expropriation 'to the people' it frequently gets bought up at fraction of the original value to some favoured local 'red-prince'
    After all, those being kept poorest are quite happy to sell what wasn't theirs, that they never paid for, to whoever is nominated by the local party boss and are grateful for whatever sum comes their way.
    These things are often arranged weeks in advance. The worst thing is that this is Common Knowledge!!!

    Jul 29th, 2014 - 12:36 am - Link - Report abuse 0
  • Jack Bauer

    @7 Ilsen, tks for the insight...and, as you said, the worst is that people just turn a blind eye to what's going on..

    Jul 29th, 2014 - 04:02 pm - Link - Report abuse 0
  • ilsen

    “those being kept poorest” is the key to understanding. The Boli-bullshitters want a dependent clientle desperate for state handouts to keep them in power. Growing corruptly rich whilst selling the snake oil of 'revolution' and being 'saved' from the 'Evil Empire' to the North.
    Sickening really. ...

    Jul 29th, 2014 - 10:36 pm - Link - Report abuse 0

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