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Deals Rumor Mill: Citgo, Permira, Alibaba

By Linda Chiem (January 21, 2015, 5:49 PM EST) -- Amid plunging oil prices, Venezuela has called off a sale process for its U.S. oil refining unit Citgo Petroleum Corp. and has instead opted for a debt sale to raise funds for the cash-strapped country, The Wall Street Journal reported Tuesday. A planned auction for Houston-based Citgo, which is owned by Venezuela's Petroleos de Venezuela SA, was scrapped in recent days, and Citgo is now planning to raise $2.5 billion in debt instead, according to the WSJ report. Analysts had expected Citgo, which operates three U.S. oil refineries and other assets, to fetch between $8 billion and $11 billion in a sale....

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