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.

Shanny Basar in New York

Lyondell Chemical

Morgan Stanley

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Pedro Guazo, who joins in August, will also oversee the $1.3tn asset manager’s responsible investment platform globally

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Venezuela sells $2.1bn refinery stake

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