Venezuelan state oil giant Pdvsa's refining branch in the United States Citgo Petroleum Corporation Tuesday said in a press release that the corporation's board of directors declared a USD 280 million dividend payable to its parent.

The dividend declared corresponds to the second quarter and comes in top of some USD 120 million reported in the first quarter, thus bringing the total dividend amount for 2006 to USD 400 million

"The payment of this dividend reflects the company's strong performance and the continued alignment of Citgo and Pdvsa," said Alejandro Granado, chairman of Citgo's board of directors. "Citgo is positioned for another excellent year, due to the focus on its core, strategic business."

Last year Citgo delivered almost USD 800 million to its parent, the highest amount since Pdvsa wholly own the refining firm. Under the management of CEO Luis Marín, in 2003-2004, Citgo declared USD 500 million in dividends.