August 31, 1992 |
Venezuela May Sell Citgo Stake: Venezuelan President Carlos Andres Perez has ordered his country's state-owned oil company, Petroleos de Venezuela, to sell half of its wholly owned U.S. subsidiary, Citgo Petroleum Corp. Perez said he made the decision on Citgo "because it's no longer a good business." However, Perez said the state company will have to wait until the market recovers to sell the shares at a profit. Petroleos de Venezuela bought 50% of Citgo in 1986 and the remainder in 1990.
December 3, 1988 |
Unocal expects to receive more than $500 million from the sale of half its Chicago-area oil refinery to Venezuela's national oil company, the U.S. oil firm said Friday. Los Angeles-based Unocal said it has tentatively agreed to form a joint venture that, as previously reported, would operate a 147,000-barrel-per-day refinery in Lemont, Ill. The venture would be owned 50-50 by Unocal and Petroleos de Venezuela, or Petroven.
February 12, 2008 |
Venezuela's state oil company reportedly moved to protect its assets from Exxon Mobil Corp.'s legal reach Monday as experts speculated that the South American energy giant may be suffering a severe cash shortage. Petroleos de Venezuela, or PDVSA, instructed its traders to deposit oil receipts with UBS bank in Switzerland, the Reuters news agency reported Monday. The move follows Exxon Mobil's victory last week persuading U.S.
June 23, 1992
Benton Oil & Gas Co. in Oxnard said Venezuela's national oil company has granted Benton and its joint-venture partner, the Venezuelan construction company Vinccler CA, the right to further develop three oil fields in Venezuela. The joint venture will make all investments needed to reactivate the fields and will receive an undisclosed fee for each barrel of crude oil produced, Benton said. Initial production should begin by mid-1993, it added.
February 15, 1990
Chevron Corp. said it will sell an unused refinery and an operating shipping and storage facility in the Bahamas to Venezuela's state-owned oil company. No terms were disclosed for the mostly cash deal with Petroleos de Venezuela, which owns the Citgo oil company. The deal must be approved by the governments of the Bahamas and Venezuela.
March 29, 2001 |
Tens of thousands of workers in Venezuela's oil industry went on strike to demand a pay hike. Union leaders said 92% of 40,000 workers honored the strike. Petroleos de Venezuela, the government oil monopoly, insisted that operations weren't affected. Venezuela, the world's third-largest oil exporter and a major supplier to the U.S., says it can withstand a strike for seven days before exports are affected.