Orders Obtained by ExxonMobil Have No Impact on CITGO’s Business
Feb 8, 2008
HOUSTON, Feb. 8, 2008 --- CITGO Petroleum Corp. has noted several recent press reports concerning ex parte orders obtained by ExxonMobil against CITGO’s ultimate parent company, Petróleos de Venezuela, S.A. (PDVSA). These orders relate to a dispute between ExxonMobil and PDVSA which is currently pending in arbitration. CITGO understands that PDVSA is confident that it will prevail in the legal battle with ExxonMobil and will take all steps necessary to defend itself against the actions taken, and any future action ExxonMobil may take. In the meantime, to avoid any confusion, none of the orders obtained by ExxonMobil relate to CITGO and none have any impact whatsoever on CITGO’s business.
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.