The national oil company of Venezuela has sold a stake in an oil refinery to a US chemical firm for $2.1bn (€1.6bn). It is the second-largest M&A deal to come from the Latin American country.

Lyondell Chemical, a Texas-based chemical manufacturer, has bought a 41% stake in Lyondell-Citgo Refining, including Citgo Petroleum's portion of the refinery's debt. Citgo is a Houston-based refiner and marketer of oil products and a wholly owned subsidiary of Petróleos de Venezuela, the national oil company of Venezuela.