Citgo Says Dividends for Venezuela Rise
Posted on: Saturday, 24 December 2005, 12:00 CST
By Bloomberg, AP and Staff Reports
Citgo Petroleum Corp. says it paid $785 million in dividends this year to its parent company, which is Venezuela's state oil firm.
Houston-based Citgo announced a new payment of $88 million Monday to Petroleos de Venezuela SA, raising its 2005 dividends to $785 million, up from $400 million last year.
The payout comes after criticism by Venezuelan officials that Citgo is not profitable enough and that PDVSA could sell off some of its refineries.
Venezuelan Oil Minister Rafael Ramirez said in a statement that the 2005 dividends "reflect the full alignment of Citgo with PDVSA." He indicated earlier this month that PDVSA would begin reviewing the possible sale of Citgo assets when international crude oil prices fall.
PDVSA acquired Citgo in 1990. The company moved its headquarters from Tulsa to Houston last year, though it still maintains an office in Tulsa.
Citgo has more than 15,000 service stations in the United States, produces nearly 1 million barrels of oil a day and is one of the nation's biggest suppliers of petrochemicals. It had revenue of $32 billion last year.
Source: Tulsa World
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