CARACAS – Venezuelan President Hugo Chavez said that Citgo is an undervalued asset that the country is stuck with, according to Reuters.
"Citgo is bad business. We have not been able to get out of it, we are subject to U.S. law," Chavez said during a television appearance.
"That company has eight refineries, I don't know how many tanks, it distributes fuel via 8,000 stations in the United States, yet it makes us no profit," said Chavez, according to Reuters.
However, Chavez did stop short of announcing that Citgo, which just celebrated its 100th anniversary, was for sale.
The news services noted that Venezuelan oil company PDVSA has been trying to sell some of the some of its perceived less profitable refineries in Europe and elsewhere.