PDV America, Inc. and Subsidiaries - Page 8

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          A concrete ringwall foundation requires an additional 1 to 2                
          weeks of construction.                                                      
               During 1996 and 1997, CITGO placed in service the following            
          seven new tanks:  Tanks Nos. 500, 501, 502, and 505 at the                  
          Linden-Tremley, New Jersey, terminal; tanks Nos. 3 and 6 at the             
          Braintree, Massachusetts, terminal; and tank No. 9 at the                   
          Vicksburg, Mississippi, terminal.  The seven new tanks were built           
          on top of concrete ringwall foundations filled with sand.                   
               At the Linden-Tremley terminal, CITGO’s contractor, Pitt-Des           
          Moines, Inc., agreed to construct tanks Nos. 501 and 5028 for               
          $1,244,750.  CITGO hired Simpson and Brown, Inc., to construct              
          both foundations for $86,000.  The total amount CITGO expended to           
          construct tanks Nos. 501 and 502 was $1,884,623.9                           
               Pitt-Des Moines, Inc., also constructed tanks Nos. 3 and 610           
          at the Braintree terminal for a price of $1,028,466.  For the               





               8Tanks Nos. 501 and 502 at the Linden-Tremley terminal are             
          48-foot-tall tanks with diameters of 117 feet, double bottoms,              
          cone roofs, and internal floating roofs.                                    
               9The record does not indicate the exact amount that CITGO              
          paid for the construction of tanks Nos. 500 and 505 and their               
          respective foundations at the Linden-Tremley terminal.  However,            
          the total amounts CITGO expended were $935,002 for tank No. 500             
          and $799,157 for tank No. 505.  Both tanks are approximately the            
          same size as tanks Nos. 501 and 502.                                        
               10Tanks Nos. 3 and 6 at the Braintree terminal are 45-foot-            
          tall, cone-roof tanks, with diameters of 125 feet.                          




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