CITGO to Distribute Heating Oil at Discounted Prices
Nov 17, 2005
HOUSTON - Nov. 17, 2005 --- CITGO Petroleum Corporation plans to begin distributing heating oil at discounted prices next week as part of an initiative aimed at helping poor communities in areas of the country most affected by cold winters.
The initial program is scheduled to be launched coinciding with the Thanksgiving Holiday. It will benefit communities in the Boston area and in the Bronx, in New York City.
The first phase of the program, in Boston, will offer up to 12 million gallons of heating oil with discounts from market prices. The value of these discounts is nearly $10 million at current market prices.
“With this initiative, CITGO is showing its commitment to the U.S. marketplace and to communities where we have a presence,” said CITGO President and CEO Félix Rodríguez. “As good corporate citizens, we are making an effort to help those in need.
“In this endeavor, CITGO has the full support of our corporate parent, Petróleos de Venezuela, S.A. (PDVSA), the state oil company of the Bolivarian Republic of Venezuela, who is deeply aware of the concerns that have prompted this initiative.”
The logistics of the program are being arranged in coordination with non-profit organizations which will be helping with the selection of beneficiaries, fuel distribution and final invoicing reflecting the discounts agreed upon.
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.