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February 22, 2008 |
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CITGO PETROLEUM: Won't Be Able to Sell Gas in Bolingbrook Citgo Petroleum Corp. won't be able to sell its gasoline, alcohol, and diesel fuel in Bolingbrook, Illinois, The Naperville Sun reports, citing Jim Boan, the village attorney. Dmyterko & Wright Partners, the developer of the gas station at 1051 S. Weber Road, in Bolingbrook, won't be allowed to have Citgo Petroleum use the property in any way, The Naperville Sun says, citing Mr. Boan. The property can be leased to Speedway, Marathon, Shell, BP or any other pro-American gasoline provider. According to The Naperville Sun, the village is displeased at Venezuelan President Hugo Chavez, who has been vocal of his hatred of the U.S. administration. Published reports say that President Chavez threatened to cut off oil supply to the U.S., due to conflict with U.S. oil major Exxon Mobil. Mr. Boan told The Naperville Sun that when Venezuela took over some Citgo Petroleum's assets, little compensation was given to the company. Venezuelan state-run oil firm Petroleos de Venezuela acquired 50% of Citgo Petroleum in 1986, and then bought the rest of the stake in the firm in 1990. The village's decision won't affect local gasoline prices because there are plenty of other oil firms that would be interested in selling fuel in Bolingbrook, Mr. Boan told The Naperville. Headquartered in Houston, Texas, Citgo Petroleum Corp. -- http://www.citgo.com/ -- is owned by PDV America, an indirect, wholly owned subsidiary of Petroleos de Venezuela SA, the state- owned oil company of Venezuela. Petroleos de Venezuela is Venezuela's state oil company in charge of the development of the petroleum, petrochemical, and coal industry, as well as planning, coordinating, supervising, and controlling the operational activities of its divisions, both in Venezuela and abroad. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, CITGO Petroleum Corporation's Issuer Default Rating was lowered by Fitch to 'BB-' from 'BB' following the company's announcement that it has taken out a US$1 billion bridge loan and used the proceeds to make a US$1 billion loan to parent Petroleos de Venezuela SA (PDVSA IDR 'BB-', Negative Outlook). |
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