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Oct 28, 2010 (Reuters) – PDVSA may want to sell its troubled U.S. subsidiary Citgo, but Venezuela’s state oil company is unlikely to offload the refiner soon.
President Hugo Chavez has slammed Citgo as a “bad business”, but market conditions make a sale difficult and the refiner remains an important outlet for the South American OPEC member’s crude.
TOP U.S. IMPORTERS OF VENEZUELA CRUDE BY REFINERY
(FROM JAN-AUG 2010) COMPANY/REFINERY BARRELS PER DAY
CITGO 281,263: Beaumont, TX 10,374, Corpus Christi, TX 125,321, Lake Charles, LA 145,568
CONOCO 193,646: Freeport, TX 153,173, Lake Charles, LA 32,296, Los Angeles, CA 5,988, Morgan City, LA 2,189
LYONDELLBASELL 193,955: Houston, TX 102,951, Texas City, TX 91,004
HOVENSA * 230,444: Virgin Islands 230,444
MARATHON 26,679: Gramercy, LA 21,432 , Morgan City, LA 5,247
NUSTAR ASPHALT 44,778: Paulsboro, NJ 42,329, Savanna, GA 2,449,
TOTAL 1,897: Port Arthur, TX 1,897
VALERO 93,753: Corpus Christi, TX 12,922, Gramercy, LA 15,103, Port Arthur, TX 65,728
TOTAL PURCHASES: 1,066,415 Source: U.S. Energy Information Administration. * Hovensa is joint venture between subsidiaries of Hess Corp and Petroleos de Venezuela, S.A. (Editing by Dale)