CITGO releases 2007 Annual Report with Record Breaking Financial Results

HOUSTON, April 29, 2008 --- CITGO Petroleum Corporation releases today its 2007 Annual Report, detailing excellent safety and operational performance and historic, record breaking financial results.

“These results strengthened our position as a key player in the U.S. downstream oil industry while enhancing the company’s contribution to our ultimate shareholder, Petróleos de Venezuela, S.A. (PDVSA), the national oil company of the Bolivarian Republic of Venezuela,” said CITGO Chairman, President and CEO Alejandro Granado.

“While consolidating our strong position in the U.S. downstream oil industry during 2007, we also refocused our efforts to be a model corporate citizen and to give back to the community wherever, whenever, and as much as possible. This far-reaching initiative is in alignment with our values, the goals of our shareholder in Venezuela and the community focused efforts of the global PDVSA family,” he added.

In terms of CITGO’s safety performance during 2007, company employees and contractors were again leaders in this area with incident rates well below industry averages. CITGO also set a new record for the fewest environmental exceedences in the company’s history. This is the fifth record in a row, further demonstrating the company’s commitment to environmental stewardship.

Excluding gain on the sale of assets, CITGO’s 2007 operating income was approximately $1.7 billion (USD) — a historic record for the company. This figure represents an increase of 15 percent from 2006. Meanwhile, 2007 net income exceeded $1 billion. This represents an increase of 24 percent over 2006. In 2007, CITGO paid dividends of $863 million, yet another new record. This represents an increase of 8 percent from 2006.

“Our commitment to providing products and technology that can improve our quality of life and our commitment to social development and environmental responsibility demonstrate that at CITGO we are much more than just energy,” Granado concluded.

To view the report, click on: http://www.citgo.com/WebOther/AboutCITGO/2007AnnualReport.pdf

            CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, 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.

For more information visit www.citgo.com

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