INDUSTRYROUNDUP
Suddenly Seeking a CITGO Buyer Venezuelan parent company will sell if the price is right Venezuelan state oil company Petróleos de Venezuela S.A. (PDVSA) will sell its CITGO Petroleum Corp. division for the right price, according to Petroleum Minister Rafael Ramirez. PDVSA reportedly won’t accept less than $10 billion for its Houston-based CITGO division, which has a host of refining and marketing assets in the United States. CITGO operates three U.S. refineries in Lemont, Ill.; Lake Charles, La.; and Corpus Christi, Texas, capable of handling 749,000 gallons of fuel per day. CITGO also sells motor fuels via nearly 6,000 U.S. gas stations. Industry insiders told Reuters that it may be dif-
ficult to find a single buyer for all of CITGO’s assets because two of the refineries run heavy crude oil from Venezuela and U.S. refiners seek cheaper light crudes. PDVSA first put CITGO up for sale in a July 29 bond prospectus. According to the prospectus, CITGO had sales of $42.3 billion last year. As for why PDVSA is seeking the sale of CITGO, Venezuela President Nicolas Maduro wants to sell foreign refineries in order to boost oil exports to China, raise cash and reduce the risk of having assets seized if it loses international lawsuits brought by former oil partners, according to a July 31 client report issued by GlobalSource Partners.
CSNews’ Linda Lisanti Takes Reins as Editor-in-Chief She is now responsible for the brand’s day-to-day editorial operations Convenience Store News, the c-store industry’s leading media brand, is pleased to announce the promotion of Linda Lisanti to editor-in-chief. In August, Lisanti marked her ninth year with Convenience Store News. After working as a reporter for several daily newspapers, she joined the brand as a staff writer in August 2005 and held senior writer and senior editor positions before becoming executive editor in May 2011. In her new role as editor-in-chief, Lisanti is responsible for the day-to-day editorial operations of both Convenience Store News and Convenience Store News for the Single Store Owner, including the brands’ varied print and online properties. She
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also assumes a key role in staff development, retailer and supplier relationship building, industry speaking engagements, and content development and retailer recruitment for events. Lisanti continues to report to Editorial Director Don Longo, who will now devote more time to new projects in the events, digital and custom growth areas, while continuing to direct overall editorial strategy. Lisanti has a bachelor’s degree in communications/ journalism from Rowan University in Glassboro, N.J. Convenience Store News and Convenience Store News for the Single Store Owner are brands of Stagnito Business Information, the only complete provider of retail industry information, insights and strategic communication programs for consumer packaged goods retailers and suppliers.