CITGO Petroleum Corporation is based in Houston and owned by PDV America Inc., an indirect wholly owned subsidiary of Venezuela's state oil company PDVSA. It is enganged in the refining, marketing and transportation of gasoline, jet fuel, lubricants, petrochemicals and other industrial oil-related products. The company sells as well petrochemicals and industrial products throughout the United States. CITGO owns and operates three crude oili refineries in Louisiana, Illinois and Texas, processing about 750,000b/d of Venezuelan crude. Likewise, it operates 48 petroleum product terminals, one of the largest networks nationwide. The Venezuelan government announced in 2014 the sale of CITGO; however, in early 2016 teh government informed that the sale had been called off and planed instead a debt sale that would raise government's funds. To do this, CITGO hired the Deutsche Bank to place the new debt through a term loan and high yield bonds that would allow the refiner to pay a dividend to its owners. This operation is the second of its kind for the company in 2016, after selling in July US$650mn in bonds, partly to pay its owner a USD$300 mn dividend.
CITGO Petroleum Corporation
1293 Eldridge Parkway, Houston, Texas, United States