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Tuesday, August 12, 2014

Venezuela taps Lazard to sell Citgo Petroleum -sources, (NYSE: LAZ)

Venezuelan state oil company PDVSA is working with investment bank Lazard Ltd to sell its North American unit, Citgo Petroleum Corp, according to people familiar with the situation. Venezuela's Petroleum Minister Rafael Ramirez said on Aug. 5 that the country will look to exit Citgo "as soon as we receive a proposal that serves our interests."A potential sale would be Venezuela's biggest pullback ever from the U.S. refining market.Citgo has three U.S. refineries with combined capacity of some 750,000 barrels per day. They are in Lemont, Illinois; Lake Charles, Louisiana; and Corpus Christi, Texas. Citgo also has 48 terminals.Representatives for Citgo and Lazard declined to comment. The people asked not to be named because the matter is private.

Lazard Ltd (Lazard) is a holding company. Lazard is a financial advisory and asset management company. Shares of LAZ traded higher by 0.43% or $0.22/share to $50.98. In the past year, the shares have traded as low as $33.62 and as high as $54.10. On average, 797802 shares of LAZ exchange hands on a given day and today's volume is recorded at 237357.