HOUSTON - Dec. 19, 2005 --- The Board of Directors of CITGO Petroleum Corporation, an indirect wholly owned subsidiary of Petroleos de Venezuela, S. A. (PDVSA), has declared an $88 million dividend payable to its parent, bringing the total dividend amount for 2005 to $785 million.
“The payment of this dividend reflects the strong year that we experienced, in spite of the challenges we face due to the hurricanes late this summer,” said Félix Rodríguez, CITGO president and CEO. “The total amount for 2005 reflects strong refinery operations and the continued alignment of CITGO with 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.