Venezuela: Citgo to invest $500M in U.S.

[Judi Lynn]

Venezuela: Citgo to invest $500M in U.S.

MAY. 18 11:16 A.M. ET Venezuela's Citgo Petroleum Corp. plans to invest US$500 million (euro390 million) in the firm's oil refineries in the United States, the company's president said in comments published Thursday.

Felix Rodriguez, chief executive of Citgo, a Houston-based subsidiary of Venezuela's state-owned oil company, also told the El Universal daily that Venezuela plans to continue selling crude oil to the Lyondell refinery despite plans to sell its 50 percent stake in the venture.

"We have the intention of remaining in the market," Rodriguez was quoted as saying. "Last year, we sent US$785 million in dividends to Venezuela and this year we are investing an additional US$500 million in our refineries."

Rodriguez said the partial sale of the 268,000-barrel-a-day refinery, which was announced April, could involve an agreement for Venezuela to continue supplying the Texas refinery with Venezuelan crude oil.
"One of the things we want is to conserve the market. This could be tied to the refinery sale," Rodriguez said.
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http://www.businessweek.com/ap/financialnews/D8HM8VV01.htm?campaign_id=apn_home_down&chan=db

[Kokonoe]

1. That amount would sure make a nice Amirkan CEO retirement.

[Robbien]

2. Wonder how many refineries Citgo owns in the US

If Venezuela's dividends are only $785m a year, it doesn't appear to be there are very many refineries when compared to the billions a quarter the big oil companies drag in.