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"Our plan for Citgo is to continually strengthen our investment," Maduro said.
Rumors that PDVSA was seeking to sell Citgo began last month. PDVSA's recently replaced president and Venezuela's then oil minister Rafael Ramírez appeared to confirm these rumors, saying Venezuela would be willing to sell Citgo for a minimum of US$10bn.
In a market research report, Barclays analysts estimated Citgo's value at US$7bn-9bn.
Any potential buyers would have needed to consider legal complications presented by Venezuela and PDVSA's ongoing litigation with international firms over nationalized oil assets, Barclays added.