The Citgo fire sale

Reuters is reporting that PDVSA wants to sell Citgo for $10 billion dollars – the equivalent of 8 months’ worth of the cost of the gasoline subsidy.

“Investment bank Lazard Ltd (LAZ.N), which is running the sale process for Citgo on behalf of PDVSA, has sent offering materials to potential buyers, the people said, asking not to be named because the matter is not public.”

Charming, eh?