Citgo increases 9-month profits 154%

US refining and downstream company Citgo, a subsidiary of Venezuela's state oil company PDVSA, posted net profits of US$351mn in the first nine months of 2003, up 154% from the same period last year, Citgo said in a statement. Operating income rose 136% to US$640mn. The company's Lemont and Lake Charles refineries are on course for a record year for processing volumes, and have been at 98% availability, above the 95% industry average, Citgo chairman Luis Marin said. Price differentials between crude and refined products have been higher than last year's levels, demand has been "vigorous" and Citgo has been able to keep stocks at their lowest levels in the last five years, Marin said.