Reuters cited Venezuelan Finance Minister Rodolfo Marco as saying to El Universal newspaper in an interview in October that Citgo’s sale has been ruled out due to confusion among the interested parties.
The people familiar with the matter said that the bids have been placed by Marathon Petroleum, Valero Energy, HollyFrontier and a consortium of TPG Capital and Riverstone.
The bids included a maximum value of more than $10bn and others below $7bn as the bidders considered the fluctuating crude oil value at the refineries, future crude oil purchases from OPEC member Venezuela and potential environmental liabilities.
Citgo operates three refineries, with a total capacity of 750,000 barrels per day, in the US, as well as 48 oil terminals.
The refineries are located in Lemont, Illinois; Lake Charles, Louisiana; and Corpus Christi, Texas.
