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HF Sinclair and PBF Energy Coy Playdown Interest in Citigo Assets

OIL

HF Sinclair and PBF Energy have both indicated that they have no immediate desire in bidding for Citigo’s assets, according to comments from executives during Q3 earnings calls.

  • Citigo’s three US refineries and associated assets will be sold under auction to recover debts owed by Venezuela.
  • HF Sinclair CEO Tim Go said that the company would review the asset, but it wasn’t a current priority and current valuations for it were high.
  • PBF executives said the legal wrangling around the assets made it a “quagmire.”
  • Marathon energy also said it was unlikely to participate in the auction.
  • The refineries are configured to refine heavy oil, like those produced in Venezuela. The easing of sanctions and expected return of additional Venezuelan barrels which could become available to these US refineries.
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