CITGO Agrees to Sell Asphalt Assets
Nov 7, 2007
—HOUSTON --- CITGO Petroleum Corporation has agreed to sell, subject to regulatory approval, two asphalt refineries located in Paulsboro, N.J. and Savannah, Ga. and a terminal in Wilmington, N.C. to NuStar Asphalt Refining L.L.C.
This transaction finalizes the divestiture of all of the company’s asphalt assets as announced by the CITGO Board of Directors in 2006.
The Paulsboro refinery has a crude capacity of approximately 70,000 barrels per day (bpd) while the Savannah refinery’s crude capacity is approximately 30,000 bpd.
CITGO and NuStar foresee a closing taking place by the end of the year.
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.