Venezuela sets date for Citgo bids despite ruling sale out

Bankers representing Venezuela have set a date for prospective buyers to submit revised offers for Citgo Petroleum Corp, according to people familiar with the matter, despite the country's finance minister ruling out the U.S. refineries sale. The development is the latest illustration of the Venezuelan government's deep ambiguity over Citgo, which pays out hefty dividends to its cash-strapped oil company PDVSA at a time when falling oil prices are adding to its debt woes. Venezuela also faces a string of international arbitration cases as a result of nationalizations under the late President Hugo Chavez's socialist government. A sale of the U.S. refineries would eliminate the possibility of them being seized should a court considering such claims rule against Venezuela. More…