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  Did you Know?

The PDVSA logo is based on a sun-shaped, ornamented petroglyph, represented in the Guarataro stone, which is located in Caicara del Orinoco. The symbol of the sun as energy source is associated to the company.
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  06-08-2009

PDVSA to Pay Back CITGO Loan

Houston.- 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 United States, the Gulf of Mexico and the Caribbean.  This year, refining companies with high-conversion facilities dedicated to extract value from heavy crude oil, such as those owned by CITGO, have been affected by declining demand for petroleum products as well as the contraction in price differentials between light and heavy crude.

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.