Venezuela is negotiating with global oil companies about acquiring
Venezuela is negotiating with global oil companies about acquiring a stake in Venezuela's Citgo Petroleum Corp.
Venezuelan President Hugo Chavez said Citgo, a subsidiary of Venezuela's state-owned oil company Petroleos de Venezuela, or PDVSA, is not making enough profits for Venezuela because of outdated supply contracts signed by former presidents.
"We're planning to redesign the (Citgo) business, and for that we are looking for partners," said Chavez, speaking at a news conference after signing several cooperation and trade deals with Spain.
Chavez did not say what companies Venezuelan officials have spoken with regarding the possible sale of Citgo's assets, but Russia's Lukoil and Brazil's Petrobras Energia Participaciones SA have expressed interest in buying Citgo refineries.