| Possible Pipeline Sale |
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HOUSTON - June 22, 2006 --- CITGO Petroleum Corporation today announced that it is considering the sale of its interests in the Colonial and Explorer pipelines. CITGO’s board of directors has retained JPMorgan as exclusive financial advisor for the divestiture process. “As with the previously announced potential sale of some of our other non-strategic assets, this is the result of an ongoing review of the company’s performance,” said Alejandro Granado, chairman of CITGO’s board of directors. “As a product of this study, the board has decided to focus on our core, strategic business.” CITGO currently owns 15.8 percent of Colonial Pipeline and 6.8 percent of Explorer Pipeline. CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. For more information visit www.citgo.com. |
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