Venezuela Scraps Plans to Sell U.S. Refining Arm Citgo Petroleum
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Venezuela shelved a planned sale of about $10 billion in U.S. refineries as surging North American crude output pushes down energy prices and profit margins.
The country ruled out selling its U.S.-based refining subsidiary Citgo Petroleum Corp., Finance Minister Rodolfo Marco Torres told Caracas-based El Universal in an interview published yesterday. The nation will keep investing in Citgo, he said, echoing comments made by President Nicolas Maduro last month.