A sale process for Venezuela’s Citgo Petroleum Corp. has been called off, and the U.S.-based oil refiner instead plans a debt sale that would raise funds for the cash-strapped country. The auction was scrapped in recent days after several suitors submitted bids in early December, people familiar with the matter said. Citgo is now planning to raise $2.5 billion in debt instead, one of the people said. The sales process could be restarted later. Corporate auctions are rare in the immediate aftermath of such recapitalization deals, however, and the added debt could make the company less attractive to suitors too. Citgo, which operates three U.S. oil refineries and related assets from its Houston headquarters, was expected to fetch between $8 billion and $11 billion should it have been sold, analysts and people close to the sales process have […]