Venezuela looks to sell Citgo

Venezuela’s state-owned oil company is reportedly seeking a buyer for Citgo Petroleum Corp., which owns a refinery in Lake Charles, in a deal that may be worth as much as $15 billion.

The Lake Charles refinery is the fourth-largest in the United States, capable of processing 425,000 to 440,000 barrels of oil per day, according to Citgo.

The Wall Street Journal said Petroleos de Venezuela’s Citgo refineries in the United States can handle 749,000 barrels a day. the other refineries are in Texas and Illinois. Citgo also sells gasoline through 5,600 branded stations.

Venezuela is strapped for cash and faces costly lawsuits overseas, according to the article.