CITGO President Discusses Company Plans for Growth
Oct 12, 2002
""Our plan calls for regulatory capital spending of more than $1.3-billion over the next five years. Many of our competitors won't be able to invest that kind of money. They might survive for awhile, but not for long,"" Contreras told the gathering. ""We're committed not just to survival, but growth. We plan to grow in the production of high value products and in sales volumes. We're committed to being the lions of our industry. We plan to invest $285-million in a conversion optimization project at our
In addition, Contreras reviewed CITGO's plans for growth in asphalt and lubricants, saying that the company has growth plans in those areas, as well as petrochemicals. CITGO sees significant opportunity in asphalt, which also provides a secure market for extra-heavy Venezuelan crude oil.
CITGO Asphalt Refining Company (CARCO) has ambitious growth plans for the coming years. Its long term goal is to be the biggest, most profitable asphalt company in the
CITGO Petroleum Corporation, based in
For more information on CITGO visit www.citgo.com.