Citgo prepares to buy remaining stakes of US Cit-Con

Aug 31, 2001 02:00 AM

Citgo Petroleum Corporation, the US subsidiary of state-owned Petroleos de Venezuela (PdVSA), announced it was preparing to buy the remaining 35 % of a US lubricants and wax refinery of which it already owns 65 %. Citgo and US oil company Conoco announced that they had signed a letter of intent for Citgo to buy Conoco's 35 % stake in Cit-Con, which operates a lubricants and wax factory in Lake Charles, Louisiana.

Cit-Con is the sixth largest producer of paraffinic lubricants in the United States, with a productive capacity of 9,600 bpd of base oil and 2,000 bpd of wax. "This acquisition expands Citgo's commitment as a major international supplier of quality lubricants and waxes," said Adolph Lechtenberger, Citgo senior vice president for refining and petrochemicals.
"In addition, it will enable us to focus on increasing operational efficiencies and, longer term, possibly using Venezuelan crude oil feedstock for the refinery," Lechtenberger said. Tulsa, Oklahoma-based Citgo refines, transports and markets transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products.

Source: EFE
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