Venezuela Cancels Citgo Auction

Venezuela Cancels Citgo AuctionVenezuela Cancels Citgo Auction

Venezuela took US refining unit Citgo Petroleum Corp off the auction block and it will now seek to raise $2.5 billion in the debt market to provide funding for the cash-strapped country Reuters reported. The auction was canceled on the advice of Citgo's lawyers after they told Citgo that if the company wished to raise funds in the debt market, it should remove itself from the auction block.