Citgo solicits buyers for Citgo Asphalt

By OGJ editors
HOUSTON, May 2 -- Citgo Petroleum Corp. has commissioned UBS Investment Bank to solicit potential buyers for Citgo Asphalt Co. (CARCO). The sale would enable Citgo to focus on its core fuels, lubricants, and petrochemicals businesses.

Carco, the largest asphalt supplier on the US East Coast, operates an 84,000 b/d specialized asphalt refinery in Paulsboro, NJ, and a 28,000 b/d plant at Savannah, Ga. The refineries typically process very heavy Venezuelan crude oil.

Citgo is owned by an indirect wholly owned subsidiary of Petróleos de Venezuela SA.