HOUSTON, July 23 /PRNewswire/ -- LYONDELL-CITGO Refining LP (LCR) has completed the refinancing of its $450 million term bank loan and $70 million existing working capital revolver, both of which mature on September 14, 2001, the owners of the venture announced today.

The new 18-month term bank loan and working capital revolving credit facility closed July 20 and will mature in January 2003.

"We're pleased with the new financing," said Robert T. Blakely, executive vice president and chief financial officer of Lyondell Chemical Company (NYSE: LYO), LCR's majority owner. "We believe the strong support received from the bank group is confirmation of the progress LCR has made in improving its reliability, cost position and profitability."

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 (PDVSA). In 1997, LCR completed an upgrade of the refinery to process large volumes of very heavy crude oil from Venezuela under a crude supply agreement. Current refining capacity at LCR is approximately 268,000 barrels per day.

Lyondell Chemical Company (www.lyondell.com ), with headquarters in Houston, Texas, is the world's largest producer of propylene oxide (PO); the world's number two supplier of TDI (toluene diisocyanate); a leading producer of propylene glycol; a leading producer of other PO derivatives such as BDO (butanediol) and PGE (propylene glycol ether); and a producer of styrene monomer and MTBE as co-products of PO production. Through its 41% interest in Equistar Chemicals, LP, Lyondell also is one of the largest producers of ethylene, propylene and polyethylene in North America and 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.

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