Struggling Venezuela Puts Citgo on Auction Block

Venezuela's state-run oil company PDVSA is seeking preliminary offers for its U.S. unit Citgo Petroleum Corp. by the end of September, a deal that could fetch up to $10 billion, according to two people familiar with the matter. Venezuela is selling Citgo in part due to a cash crunch stemming from repaying debts to Beijing with oil, rather than selling the crude to generate revenue, analysts say. The government denies a cashflow problem exists. More…