ENERGY
From Times Staff and Wire Reports
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.
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