The gasoline, produced by Petroleos de Venezuela (PDVSA) will be available immediately to US consumers through PDVSA’s wholly-owned US subsidiary, CITGO Petroleum Corp's distribution network ... and is supplementary to PDVSA’s normal shipments.
“As a Hemispheric neighbor and business partner, we are pleased that we are able to provide immediate relief by increasing gasoline supplies available in the United States in the aftermath of this devastating natural disaster,” said Venezuela’s Ambassador to the United States, Bernardo Alvarez Herrera. “We're sending additional barrels of gasoline that otherwise would have gone elsewhere, and we will continue to do whatever we can to help alleviate energy shortages and the dislocations faced by the people of the United States as a result of Hurricane Katrina.”
Three other shipments of 240,000 barrel each will arrive at regular intervals on the heels of this first. It is expected that the entire additional volume of close to one million barrels will be delivered to the US distribution system no later than October 31.
Venezuela’s geographic proximity to the United States and PDVSA’s relationship with CITGO permits a much quicker response than could be achieved by other countries in Europe, the Middle East or Asia.
PDVSA is the 5th largest provider of petroleum products in the world and the 3rd largest provider to the United States. Over the last year, Venezuela has at times been the largest supplier of oil to the United States, surpassing Saudi Arabia, Canada and Mexico. It exports 95% of its hydrocarbons ... 57% of which are earmarked for the United States. PDVSA’S oil refining capacity globally is 3.3 million barrels per day.
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