Citgo Petroleum Corp. wants to sell both its finished lubricants and its base oils businesses — preferably together, according to a Goldman, Sachs & Co. memorandum obtained by Lube Report. Citgo retained Goldman Sachs as financial advisor in connection with the potential sale.
Citgo expects the sales process to be a two-phase auction. During phase one of the auction process, interested parties will get an opportunity to conduct an initial review of the finished lubricants and the base oils/waxes businesses. During phase two, Goldman Sachs, at Citgo’s direction, will invite selected parties to attend a management presentation and will provide them with access to a “virtual dataroom.”
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