HOUSTON, Dec. 13 /PRNewswire-FirstCall/ -- LYONDELL-CITGO Refining LP (LCR) has completed the refinancing of its credit facilities.

A $450 million term bank loan facility and a $70 million working capital revolving credit facility have been put in place with 18-month terms. The facilities, secured by substantially all of the assets of LCR, closed Dec. 11 and will mature in June 2004.

In conjunction with this refinancing, loans to LCR by its owners, Lyondell Chemical Company (NYSE: LYO) and CITGO Petroleum Corporation, have been extended and will mature in December 2004.

LCR was formed in 1993 as a joint venture between Lyondell Chemical Company and CITGO Petroleum Corporation, an indirect, wholly-owned subsidiary of Petroleos de Venezuela, S.A. (PDVSA). Annual refining capacity at LCR is approximately 268,000 barrels per day.

Lyondell Chemical Company, (www.lyondell.com ), headquartered in Houston, Texas, is a leading producer of propylene oxide (PO), propylene glycol (PG) and other PO derivatives such as butanediol (BDO) and propylene glycol ether (PGE). Lyondell also is the world's number three supplier of toluene diisocyanate (TDI) and a producer of styrene monomer and MTBE as co-products of PO production. Through its 70.5% interest in Equistar Chemicals, LP, Lyondell also is one of the largest producers of ethylene, propylene and polyethylene in North America, as well as a leading producer of polypropylene, ethylene oxide, ethylene glycol, high value-added specialty polymers and polymeric powder. Through its 58.75% interest in LYONDELL-CITGO Refining LP, Lyondell is one of the largest refiners in the United States, processing extra heavy Venezuelan crude oil to produce gasoline, low sulfur diesel and jet fuel.

SOURCE Lyondell Chemical Company