HOUSTON -- CITGO Petroleum Corp. said it plans to begin distributing heating oil at discounted prices next week as part of an initiative aimed at helping poor U.S. communities in areas most affected by cold winters.
As reported in CSP Daily News, the initiative makes good on a recent promise by Venezuelan president Hugo Chavez. CITGO is owned by Petroleos de Venezuela SA (PDVSA), the state oil company of the Bolivarian Republic of Venezuela.
The initial program is scheduled to be launched coinciding with the Thanksgiving holiday. [image-nocss] It will benefit communities in the Boston area and in the Bronx, in New York City.
The first phase of the program, in Boston, will offer up to 12 million gallons of heating oil with discounts from market prices. The value of these discounts is nearly $10 million at current market prices.
"With this initiative, CITGO is showing its commitment to the U.S. marketplace and to communities where we have a presence," said CITGO President and CEO Felix Rodriguez. "As good corporate citizens, we are making an effort to help those in need. In this endeavor, CITGO has the full support of our corporate parent, Petroleos de Venezuela SA[which] is deeply aware of the concerns that have prompted this initiative."
The logistics of the program are being arranged in coordination with nonprofit organizations which will be helping with the selection of beneficiaries, fuel distribution and final invoicing reflecting the discounts agreed upon.
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