Citgo to make US$400mn dividend payment to PDVSA

The US refining and distribution arm of Venezuela's state oil company PDVSA, Citgo Petroleum Corporation, will make a US$400mn dividend payment to its parent company, Citgo said in a statement Wednesday. Outstanding results have made the payment possible, president and CEO Luis Marin said in the statement. Citgo posted third quarter net income of US$205mn, which was almost double the US$103mn that was posted in same-period last year. The company attributed the higher income to greater sales margins, BNamericas previously reported. For the nine months to September 30, Citgo posted net income of US$430mn, up 22% from the same period in 2003.