December 20, 2005
Citgo dividend to Venezuelan state oil company US$785 million in 2005

(AP Worldstream) - "U.S. refining company Citgo Petroleum Corp. has paid a total of US$785 million (A654 million) in dividends this year to its parent company, Venezuela's state oil firm.

Houston-based Citgo announced a new payment of US$88 million (A73 million) to Petróleos de Venezuela S.A., or PDVSA, raising its 2005 dividends to US$785 million, up from US$400 million in 2004.

The payout comes after criticism by Venezuelan officials that Citgo wasn't profitable enough and that PDVSA could sell off some of its refineries.

Oil Minister Rafael Ramírez indicated earlier this month that PDVSA would begin reviewing the possible sale of Citgo assets when international crude oil prices fall.

Citgo was acquired by PDVSA in 1990. The Houston-based company has more than 15,000 service stations in the U.S., produces close to 1 million barrels of oil a day, and is one of the biggest suppliers of petrochemicals in the country.

Venezuela is the world's fifth largest oil exporter and a major supplier of fuel to the United States ".