PDVSA to Pay Back CITGO Loan
Aug 6, 2009
HOUSTON, Aug. 6, 2009---The Board of Directors of Petróleos de Venezuela, S.A. (PDVSA), the parent company of CITGO Petroleum Corporation, today approved an agreement in principle reached with CITGO to undertake the payment of a one billion dollar loan, originally awarded by CITGO to PDVSA in December 2007.
Payments will begin this month with the goal of strengthening CITGO’s financial position as a refiner and marketer of petroleum products in the
As a result, PDVSA is ratifying its support to CITGO in order to strengthen even more CITGO’s competitive position by consolidating its market presence as a leading supplier of products and services and keeping its historic record of performance and reliability with suppliers, customers and the international financial community.
CITGO, based in
For more information visit www.citgo.com