CITGO: Refineries Not for Sale

Performance review is normal corporate practice, Rodriguez says

HOUSTON -- CITGO Petroleum Corp. has denied media reports that it is planning to sell its Corpus Christi, Texas, refinery and its interest in the Lyondell-CITGO refinery, located in Houston.

CITGO President and CEO F alix Rodr a guez, when questioned about the issue earlier, denied that the company had any plans to sell the refineries or other U.S. assets. Rodr a guez has repeatedly said that as a normal corporate practice, the performance of all assets is evaluated continually and strategic decisions are made accordingly.

Venezuelan [image-nocss] Energy and Petroleum Minister Rafael Ram a rez said that CITGO is a valuable contributor to its parent company, Petr aleos de Venezuela SA (PDVSA), and consequently, no company assets are under review for a possible sale.

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 PDVSA, the national oil company of the Bolivarian Republic of Venezuela.