Document ID: SEC-2006-0104-0001
Agency: sec
Document Type: Notice
Title: Applications, hearings, determinations, etc.: CITGO Petroleum Corp.
Posted Date: 2006-01-26T05:00Z

[Federal Register: January 26, 2006 (Volume 71, Number 17)]
[Notices]               
[Page 4385]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26ja06-79]                         

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

 
Issuer Delisting; Notice of Application of CITGO Petroleum 
Corporation To Withdraw its 7\7/8\% Senior Notes (Due May 15, 2006), 
From Listing and Registration on the New York Stock Exchange, Inc. File 
No. 1-14380

January 20, 2006.
    On January 12, 2006, CITGO Petroleum Corporation, a Delaware 
corporation (``Issuer''), filed an application with the Securities and 
Exchange Commission (``Commission''), pursuant to section 12(d) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) 
thereunder,\2\ to withdraw its 7\7/8\% senior notes (due May 15, 2006) 
(``Security''), from listing and registration on the New York Stock 
Exchange, Inc. (``NYSE'').
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
---------------------------------------------------------------------------

    On August 30, 2004, the Board of Directors (``Board'') of the 
Issuer adopted resolutions to withdraw the Security from listing and 
registration on NYSE. The Issuer stated that the Board determined that 
it is in the best interest of the Issuer and the holders of the 
Security to delist the Security from NYSE and to withdraw from 
registration under section 12(b) of the Act.\3\ The Issuer stated the 
reasons that factored into the Board's decision to withdraw the 
Security from listing on NYSE included a determination that the 
benefits of continued listing were outweighed by the administrative 
burdens, particularly since the adoption of the Sarbanes-Oxley Act of 
2002 has resulted in more stringent corporate governance rules and 
increased costs of compliance. The Issuer also stated that in November 
2005, the Issuer completed a tender offer for the Security pursuant to 
Board approval. As a result of such tender offer, only approximately 
$14,300,000 of the original $200,000,000 face amount of the Security 
remains outstanding.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78l(b).
---------------------------------------------------------------------------

    The Issuer stated in its application that it has complied with the 
NYSE's rules governing an issuer's voluntary withdrawal of a security 
from listing and registration by complying with all applicable laws in 
the State of Delaware, in which the Issuer is incorporated, and by 
providing NYSE with the required documents governing the removal of 
securities from listing and registration on NYSE.
    The Issuer's application relates solely to the withdrawal of the 
Security from listing on NYSE and from registration under section 12(b) 
of the Act,\4\ and shall not affect its obligation to be registered 
under section 12(g) of the Act.\5\
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78l(b).
    \5\ 15 U.S.C. 78l(g).
---------------------------------------------------------------------------

    Any interested person may, on or before February 10, 2006, comment 
on the facts bearing upon whether the application has been made in 
accordance with the rules of NYSE, and what terms, if any, should be 
imposed by the Commission for the protection of investors. All comment 
letters may be submitted by either of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/delist.shtml.
); or     Send an e-mail to rule-comments@sec.gov. Please include 

the File Number 1-14380 or;

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.
    All submissions should refer to File Number 1-14380. This file 
number should be included on the subject line if e-mail is used. To 
help us process and review your comments more efficiently, please use 
only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov/rules/delist.shtml). 

Comments are also available for public inspection and copying in the 
Commission's Public Reference Room. All comments received will be 
posted without change; we do not edit personal identifying information 
from submissions. You should submit only information that you wish to 
make available publicly.
    The Commission, based on the information submitted to it, will 
issue an order granting the application after the date mentioned above, 
unless the Commission determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(1).
---------------------------------------------------------------------------

Nancy M. Morris,
Secretary.
[FR Doc. E6-971 Filed 1-25-06; 8:45 am]

BILLING CODE 8010-01-P