-Venezuela Petroleum Minister Rafael Ramirez on Tuesday said state oil company PDVSA would sell Citgo Petroleum if the right buyer emerges, Reuters reports. Citgo has three refineries in Lake Charles, La., Corpus Christi, Texas, and Lemont, Ill. The report notes that the Lake Charles and Corpus Christi refineries may be difficult to sell since they primarily process relatively expensive heavy crude from Venezuela. The Lemont refinery may be an easier sell due to its proximity to cheaper Canadian crude.
-Meanwhile, HollyFrontier Corp. CEO Mike Jennings said today Citgo’s assets would be a “good fit” for his company if they were for sale.
-EOG Resources CEO William Thomas told investors he believes North American refineries can absorb excess oil production from shale plays. Via Reuters, Thomas forecasted “several years of headroom” in the North American refining market even without a change in U.S. oil export policy.
-LyondellBasell CEO Jim Gallogly gave the Houston Business Journal an update on the firm’s ongoing ethylene expansion projects in Texas, which will collectively add an entire new plant’s worth of capacity, he said. Gallogly also said LyondellBasell is evaluating a possible master limited partnership (MLP) while keeping an eye on Westlake Chemical’s success with its recent ethylene MLP.
-Exxon Mobil Corp. elected David S. Rosenthal as vice president and controller and Jeffrey J. Woodbury as vice president of investor relations and secretary, effective Sept. 1. Rosenthal, a 35-year veteran of Exxon Mobil, is currently vice president of investor relations and secretary. Woodbury joined Exxon in 1983 and currently serves as vice president of safety, security, health and environment. Rosenthal is filling a position vacated by Patrick T. Mulva, who announced his retirement last week.
