Venezuela Eyeing $10 Billion Sale of Citgo to Counter Economic Woes

Venezuela's state-owned oil and natural gas company, Petróleos de Venezuela SA (PDVSA) is considering selling its Citgo Petroleum Corp. for $10 billion to help combat the South American country's rampant inflation and low U.S. dollar reserves.

Money Morning's Global Energy Strategist Dr. Kent Moors appeared on CCTV America yesterday (Thursday) at 3 p.m. EDT to discuss the deal, which involves Citgo's refinery assets and could include 6,000 retail stations.

But Moors said the Citgo deal may be undervalued, and that PDVSA's financial problems are the work of the Venezuelan government…

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