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PDVSA seeks to redo supply contracts with CITGO. (Global Report on the World).(Petroleos de...

Venezuela -- CITGO Petroleum Corp. parent company and Venezuelan government-owned Petroleos de Venezuela is seeking to renegotiate crude supply contracts with CITGO as part of the government's efforts to increase oil revenues.

"We are trying to change the structure of the supply agreements to maximize returns from the crude sales," a spokesman for the Ministry of Energy and Mines told Reuters in March.

Under the new supply terms, CITGO would pay market prices for heavy sour oil purchased from PDVSA, rather than the discounted prices the subsidiary currently

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