Venezuela’s state oil company is considering selling its U.S.-based unit Citgo.
Analysts say the sale of its refining and distribution network in the U.S. is the result of Venezuela’s ailing economy.
Venezuela is hoping net $10 billion and says there are interested buyers. CITGO’s holdings in the U.S. are extensive. The company owns five refineries and has more than 6,000 gas stations across the United States.
With the country fighting inflation and facing shortages of some products, cash-strapped Venezuela may have no choice.
Caracas is also in the middle of an international lawsuit brought by Exxon and Conoco Philips. And this may reduce the risk of having its assets seized.