HOUSTON - Nov. 15, 2005 --- The Board of Directors of CITGO Petroleum Corporation, an indirect wholly owned subsidiary of Petroleos de Venezuela, S. A. (PDVSA), today declared a $380 million dividend payable to its parent, bringing the total dividend amount for 2005 to $697 million. The payment is based on projected earnings generated for the current year.
“The payment of this dividend reflects the ongoing strength of the company and its value to the shareholder, especially this year, which has been affected by special circumstances,” said Alejandro Granado, CITGO board chairman. “This total amount reflects strong refinery operations and the continued alignment of CITGO with its goals and corporate direction to PDVSA.”
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela.