Oil, Gas and Consumable Fuels
Company Overview of Petróleos de Venezuela S.A.
Petróleos de Venezuela S.A. is engaged in the exploration, production, refining, transport, and commerce of hydrocarbons. It has strategic agreements with Eni S.p.A. and Repsol S.A. for the exploitation of the Perla field in Venezuela. The company was founded in 1975 and is based in Caracas, Venezuela.
Building Petroleos de Venezuela
Founded in 1975
Key Executives for Petróleos de Venezuela S.A.
Executive Director of Finance
Executive Director of Automation
Vice President of Economic Affairs and Member of Board Committee
Internal Director of Production & Services Subsidiaries
Compensation as of Fiscal Year 2014.
Petróleos de Venezuela S.A. Key Developments
Citgo Reportedly Valued At More Than $10 Billion In Revised Bids
Dec 16 14
CITGO Petroleum Corporation has received revised bids from at least four bidders, some which have valued the company at more than $10 billion, according to three people familiar with the matter. The companies that made bids in December include HollyFrontier Corporation (NYSE:HFC), Valero Energy Corporation (NYSE:VLO), Marathon Petroleum Corporation (NYSE:MPC) and a consortium of TPG Capital, L.P. and Riverstone Holdings LLC, the people familiar with the matter said. Lazard Ltd (LAZ.N), the investment bank hired by Venezuela's state-run Petróleos de Venezuela S.A. to explore a sale of Citgo, has not told bidders if there will be an additional round of bids, the people familiar with the matter said.
Rosneft and PDVSA Signs a Second Long-Term Contract for Supplies of Oil and Oil Products
Nov 17 14
Rosneft Group and PDVSA signed a long-term contract for supplies of oil and oil products of Venezuelan production. The document envisages the supplies of over 1.6 million tonnes of oil and 9 million tonnes of oil products to the Rosneft Group within 5 years.
Potential Buyers Reportedly Check Refineries Of CITGO Petroleum
Nov 7 14
Potential buyers from at least six leading oil companies have visited refinery in Illinois of CITGO Petroleum Corporation and three firms have shown keen interest in its Texas plant, reported Reuters citing four sources familiar with efforts to sell the assets. It is unclear if CITGO's owner, Petróleos de Venezuela S.A., will go ahead with a sale of its U.S. refining and marketing unit. Both Venezuela's president and finance minister have said in the past month that Citgo's assets would not be sold. But Lazard Ltd, the investment bank hired by CITGO to carry out the sale, is still marketing the refinery, three people told Reuters. The sources familiar with the sale efforts said that visits to the Illinois refinery have been made as recently as this week. Sources told Reuters that teams from the following companies have carried out detailed inspections of the Illinois refinery: Reliance Industries Limited (BSE:500325), PBF Energy Inc. (NYSE:PBF), UTesoro Corporation (NYSE:TSO), Marathon Petroleum Corporation (NYSE:MPC), Valero Energy Corporation (NYSE:VLO) and Phillips 66 (NYSE:PSX). Sources said that Representatives from Phillips 66 visited the Lemont refinery this week. One of the source said, "I don't care what they are saying in Venezuela, potential buyers are still coming in." Gary Heminger, President of Chief Executive Officer of Marathon Petroleum in an interview with Reuters, declined to discuss the CITGO sale, but said the company would carefully weigh refineries on the auction block. Heminger said, "We will always study and do our homework and due diligence on assets that are available." The sources said that the three companies showing the deepest interest in the Corpus Christi refinery are Valero, Flint Hills Resources, LLC and Chevron Corporation (NYSE:CVX). The sources said that Chevron, which was examining reliability records at the Corpus Christi refinery last month, could add a crude distillation unit at Citgo's west plant to run sweet crude from the Eagle Ford oil fields in south Texas while the existing CDU continues to run sour crude oil like that produced by Venezuela. A CITGO spokesman did not respond to Reuters when asked about visits to the refineries made by potential buyers. Marathon, Phillips 66, Tesoro and Valero representatives declined to discuss their companies' possible interest in Citgo's assets. PBF and Reliance did not reply to requests for comment. A Chevron spokesman declined to discuss merger and acquisition activity.
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