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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
[Date of Report (Date of earliest event reported): December 26, 1996
CITGO PETROLEUM CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-14380 73-1173881
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification Number)
One Warren Place, 6100 South Yale Avenue, Tulsa, Oklahoma 74136
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(Address of Principal Executive Offices) (Zip Code)
(918) 495-4000
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(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events
On December 26, 1996, CITGO Petroleum Corporation announced that its
parent company, PDV America, Inc., had signed a letter of intent with Union Oil
Company of California for the restructuring of the Uno-Ven Company's refining
and marketing business. A copy of the press release is attached hereto as
Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CITGO PETROLEUM CORPORATION
Date: January 8, 1997 /s/ R. M. BRIGHT
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R. M. Bright
Controller (Chief Accounting Officer)
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Press release dated December 26, 1996
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EXHIBIT 99.1
[CITGO LETTERHEAD]
NEWS RELEASE
FOR IMMEDIATE RELEASE:
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December 26, 1996
TULSA, Okla. -- CITGO Petroleum Corporation ("CITGO") today confirmed that
PDV America, Inc., an indirect subsidiary of Petroleos, S.A. has signed a letter
of intent with Union Oil Company of California ("Unocal") to restructure The
Uno-Ven Company. This transaction will result in an affiliate of PDV America,
Inc., owning and controlling the totality of the refining and marketing assets
of Uno-Ven.
Dr. Ralph S. Cunningham, CITGO's President and Chief Executive Officer
stated, "This transaction will enable us to fully implement our long-term
growth strategy in the Midwest and will complement the product supply and
distribution network we presently have in place, giving us the capability of
maximizing the value of all of our investments in this area."
"We look forward to the new opportunities that this transaction presents
to us and will be meeting with the independent jobbers that are currently
supplied by Uno-Ven. This move vastly improves CITGO's product supply
capabilities in the Midwest thereby allowing us to greatly expand our marketing
coverage in that area of the country," said L. H. (Larry) Brittain, Jr., Senior
Vice President Marketing and Lubes.
CITGO Petroleum Corporation, based in Tulsa, Okla., is a refiner,
transporter and marketer of transportation fuels, lubricants, petrochemicals,
refined waxes, asphalt and other industrial products. It is owned by PDV
America, Inc., an indirect wholly owned subsidiary of Petroleos de Venezuela,
S.A., the national oil company of Venezuela.
-oOo-
