OPEC

New Downstream Acquisition for Venezuela 

Venezuela's government-owned company Petroleos de Venezuela said on 5 February that it had signed a letter of intent with Southland Corp. to buy 50% of the US company's affiliate Citgo Petroleum Corp. for $300mn. The understanding involves the supply of up to 200,000 b/d of Venezuelan crude oil and other feedstocks - a minimum of 130,000 b/d with an option for a further 70,000 b/d - to Citgo's 340,000-bld Lake Charles refinery...