Did CITGO go out of business?
Headquartered in the Energy Corridor area of Houston, it is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo)….Citgo.
| Type | Private |
|---|---|
| Number of employees | 3,400 (2020) |
| Website | www.citgo.com |
Who bought CITGO?
PDVSA
Citgo, a Houston-based company with a more than 100-year history, was acquired by PDVSA more than 30 years ago and owns oil refineries in Corpus Christi, Texas; Lake Charles, Louisiana; and Lemont, Illinois. Citgo also owns transportation, marketing and retail fueling businesses.
What is CITGO worth?
BancTrust&Co estimates Citgo’s worth at $7.8 billion and claims against it at $7 billion. A Delaware judge will decide how shares will be sold off and how proceeds divided.
Will CITGO be sold?
The U.S. will consider authorizing the sale of Citgo Petroleum Corp. shares early next year, after the mandate of the Venezuela opposition government ends, according to a court document.
What country owns CITGO?
the Bolivarian Republic of Venezuela
CITGO has 3,700 employees and is owned by CITGO Holding, Inc., an indirect, wholly owned subsidiary of Petróleos de Venezuela, S.A. (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. CITGO owns and operates three highly complex crude oil refineries located in Lake Charles, La.
Is Citgo Russian owned?
Currently valued at $10 billion, Citgo was acquired by the Venezuelan government in 1986 to refine its heavy crude oil and sell it in America. As such, the Houston-based company is of significant strategic importance for the Venezuelan economy.
Is CITGO Top Tier gas?
We know quality fuels are important to you, and you have our assurance that all three grades of our CITGO TriCLEAN® gasoline are TOP TIER™, surpassing the existing standards set by the EPA.
Who sells the most gasoline in the US?
Of the leading fuel station brands, Speedway has the most gas stations in the United States, with 2,866 as of 2018. Circle K had almost 4,500 stations in 2017, but that number dropped to 1,625 in 2018. The brand of motor fuel most frequently sold in the United States is Shell.
Who owns Sunoco gas?
Energy Transfer Partners
In 2012, Dallas-based energy company Energy Transfer Partners purchased Sunoco.
What is going on with Citgo?
The complicated situation that Citgo is in right now is a result of PDVSA using the U.S. business as collateral for a lot of loans. One such loan made Russia Rosneft, for example, eligible for effectively taking over Citgo if the debt was not repaid—something U.S. authorities have vowed never to allow.
Who is Citgo Petroleum?
CITGO Petroleum is a refiner, transporter and marketer of motor fuels, lubricants, petrochemicals and other industrial products. We operate three state-of-the-art refineries in the Gulf Coast and Midwest, as well as lubricants blending plants across the country. We operate as a privilege, not a right, in the communities we serve.
What happened to Citgo’s $7 billion debt?
Just last year, creditors were owed some $7 billion by Citgo’s ultimate parent, PDVSA, and the Venezuelan state, converged on the company to collect filing claims against the company.
Why did the Treasury Department extend the ban on Citgo bonds?
The Treasury Department extended a moratorium on transactions on a bond issued by the U.S. arm of Venezuela’s PDVSA, Citgo, for another year in the latest move to shield the company from creditors trying to take it over. According to Bloomberg, this is the longest extension of the ban so far.