PDVSA's
Lyondell-CITGO sale on stand by
Lyondell-CITGO refinery in Houston
Petroleumworld
CARACAS
Petroleumworld.com 10 21 05
Rafael Ramirez Venezuela's Energy Minister said on Thursday that
the plans to sell its stake in Lyondell-CITGO refinery in Houston,
are on stand by.
"Not
yet," said Ramirez, when asked by a reporter the sale status
of Lyondell refinery.
Ramirez
had said this year, that plans were on track to sell Lyodell due
to poor preformance. "an extremely poor business", Ramirez
said when asked on PDVSA's business
Ramirez
said that U.S. Venezuela's $5 billion investment in the plant
"can't be recovered unless we sell the refinery."
Ramirezadded
that PDVSA, will review the possible sale of Citgo assets when
oil prices conditions are more favorable.
"As
soon as we see the market changing, we will do a study on which
of these businesses we will keep," said Ramirez.
The
Lyondell-CITGO refinery is is
a refiner of heavy, high-sulfur crude oil. It
is a joint venture of Lyondell Chemical Co and CITGO, PDVSA's
U.S. refining and marketing company, PDVSA
holds 52.25 % and the rest is held by Lyondell Chemical.
Petroleumworld
10/20/05
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