NuStar Agrees to Early Termination of Crude Supply Contract with PDVSA

NuStar Energy L.P.

announced today that it has come to a mutual agreement with Petroleos de Venezuela, S.A. (PDVSA) to terminate its crude oil supply agreement effective January 1, 2014, ahead of the original termination date of March 2015. NuStar signed the original agreement with PDVSA in 2008 to supply the two U.S. East Coast asphalt refineries NuStar purchased that year from CITGO. NuStar spun off its asphalt refining operations into a joint venture, NuStar Asphalt Refining LLC, when it sold 50% of the voting interest in these operations to an affiliate of Lindsay Goldberg LLC in September 2012, but was still obligated to purchase crude under the original agreement.