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Luis Marín, CEO for Citgo Petroleum Corporation, a subsidiary of the Venezuelan state owned oil corporation Petróleos de Venezuela (Pdvsa) estimates 1 billion U$ in income at the close of 2004, which represents a 23.6% growth in relation to last year’s operational incomes, that totaled 809 million U$ including taxes and interests.

“With such performance, we are sure that Citgo will continue to be -if not he first- among the most important oil refining and commercialization companies in the US” said Marín.

Marín, also pointed out the investment plans for the next six years in regulation, strategies, and maintenance, in order to guarantee the success of the company, he stressed that by the end of the first quarter of 2005, the Lake Charles refinery, in Louisiana will increase its crude oil refining capacity to 106,000 barrels per day (bpd).

The high executive indicated that among the strengths of this operator are its efficiency in heavy crude oil refining, its vast distribution network, and its effective participation in the asphalt, petrochemicals, and lubricant markets. As a result, Citgo has registered since the year 2000, a 6% yearly increase in its sales volume, with an average 1.5% yearly growth of the demand.

Citgo which processes an average of 430,000 bpd of Venezuelan crude oil, has paid Pdvsa nearly one billion U$ in profits for the last two years. This Pdvsa subsidiary recently moved its headquarters from Tulsa, Oklahoma, to Houston, Texas. So far, around 150 employees are working in the new headquarters, and it is expected that by 2005, all 700 workers will have moved to the new premises.

Published in Quantum N.36