Source: Courtesy of Citgo Petroleum.

NEW YORK — Citgo Petroleum, a U.S. refiner owned by cash-strapped Petroleos de Venezuela S.A., received a net amount of approximately USD556 million from the Internal Revenue Service (IRS), according to an internal corporate document obtained and verified by Zignox.

The company received the tax refund, which amount includes interest, on September 27, according to the document. Citgo had requested the reimbursement under the Coronavirus Aid, Relief and Economic Security Act, known as “CARES Act”.

Citgo, which in the second quarter reported a net income of USD3 million and EBITDA of USD214 million, owns and operates three large-scale refineries, with a combined crude capacity of approximately 769,000 barrels-per-day, located in Lake Charles, La.; Lemont, Ill. La.; Lemont, Ill.; and Corpus Christi, Texas, according to an official press statement released on August 16.

Citgo also has ownership/equity interest in 39 active refined product storage and transfer terminals, and has access to over 120 third-party and related party terminals through exchange, terminal and similar arrangements, according to the company website.

The company is the target of myriad creditors and arbitration claimants, Argus reported on September 17. After the former U.S. administration withdrew recognition of Venezuela’s president Nicolas Maduro in favor of Juan Guaidó in January 2019 and imposed oil sanctions to drive Maduro out, Citgo came under the administrative control of the interim administration, Argus said.

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