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Bids Open for Citgo Assets Until June 11

REFINING

Bidders for Citgo's US refining assets have until 11 June to submit offers with a tentative sale hearing set for July 15.

  • 805,000 bpd of refining capacity and associated assets are open for offer.
  • The asset sale is to try and satisfy creditors of Citgo’s parent company, Venezuela’s PdV Holding (PdVH).
  • The assets are struggling to sell due to the complexity involved in the deal and the wide range in valuations.
  • PBF Energy's chief executive Matthew Lucey previously called the auction a "quagmire", considering its ties to a complex geopolitical situation in Venezuela.
  • Other major US refiners have declared they are not interested in bidding on the assets.
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