The bank hired by PDVSA to manage the potential sale of Citgo Petroleum Corp.’s U.S. operations has asked interested firms to submit an additional round of offers, Reuters reports. Sources say HollyFrontier, Valero, Western Refining, Reliance Industries and PBF Energy have expressed interest in buying Citgo. Investment bank Lazard is said to be asking the potential buyers for more detailed bids and trying to remove some conditions the bidders put into their initial offers.
Citgo’s U.S. operations — which include refineries in Lemont, Ill., Lake Charles, La., and Corpus Christi, Texas — have annual EBITDA of $1.5 billion. PDVSA expects to receive between $8 billion and $10 billion for Citgo, but some analysts believe it could get less.
Citgo is also pursuing a separate sale of its 50% interest in the Chalmette, La., refinery it co-owns with ExxonMobil.
SEE ALSO: Prospective buyer seeks to resume refining at Hovensa
