Citgo valued at more than $10 billion in revised bids

Citgo Petroleum Corp, Venezuela's U.S. oil refining unit, has received revised bids from at least four bidders, some which have valued the company at more than $10 billion, according to three people familiar with the matter. Pricing at the top range of bids and tumbling oil prices could make the cash-strapped Venezuelan government less ambiguous towards divesting Citgo. An Oct. 26 El Universal newspaper interview with Venezuelan Finance Minister Rodolfo Marco in which he said Citgo's sale "has been ruled out" stirred confusion among interested parties. The companies that made bids in December include Marathon Petroleum Corp (MPC.N), Valero Energy Corp (VLO.N), HollyFrontier Corp (HFC.N) and a consortium of TPG Capital LP and Riverstone Holdings LLC, the people familiar with the matter said. They asked not to be identified because the matter is confidential. More…