(Citgo, 10.Aug.2021) — Citgo Petroleum Corporation announced the appointment of Mark Holstein as the company’s new General Counsel, overseeing all aspects of the company’s legal strategy and material litigation, while providing legal counsel and advising senior management. Holstein will report directly to Jack Lynch, Vice President of Legal and Government […]
Tag: Citgo Petroleum
Sanctioned Citgo At Disadvantage To Rivals
(Reuters, 23.Jul.2021) — Sanctions barring U.S. imports of Venezuelan crude put refiner Citgo Petroleum Corp at a disadvantage to better-financed rivals, the board chair named by Venezuela’s political opposition for state oil company PDVSA said on Friday. Many refineries on the U.S. Gulf Coast – including Citgo’s facilities in Texas […]
US Extends Protection For Citgo
(Reuters, 20.Jul.2021) — The United States on Tuesday extended a measure protecting Venezuelan-owned U.S. refiner Citgo Petroleum Corp PDVSAC.UL from bondholders seeking a stake in the company to collect on unpaid debts from state-owned oil company PDVSA, Citgo’s owner. Holders of PDVSA’s 2020 bond, which is backed by a majority […]
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US Extends Citgo Protection [PDF Download]
(Department of the Treasury, 20.Jul.2021) — The Office of Foreign Assets Control (OFAC) issued the following update to General License No. 5G related to PDVSA and Citgo Petroleum. Venezuela Sanctions Regulations 31 CFR Part 591 GENERAL LICENSE NO. 5G Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 […]
Citgo Dismisses LPG Supply Plan For Venezuela
(Argus, 13.Jul.2021) — Citgo, the US refining arm of Venezuelan state-owned PdV, told Argus it has no immediate plan to supply LPG to Venezuela under new US authorization for sale of the cooking fuel to the Opec country. “We are aware that OFAC recently issued General License 40, authorizing certain transactions involving […]
Citgo Reveals New Director Appointments
(Citgo, 23.Jun.2021) — The Boards of Directors of Citgo Holding, Inc. and Citgo Petroleum Corporation announced new appointments to their respective Boards of Directors. Elio José Tortolero, Samuel Wilhelm, and Ernesto José Hernández Bolívar have been named to the Citgo Holding Board, with Glixon Mavarez and Pablo Pérez continuing as […]
Citgo Names Balvy Bhogal-Mitro As Corporate Planning VP
(Citgo, 1.Jun.2021) — Citgo President and Chief Executive Officer Carlos Jordá today announced Balvy Bhogal-Mitro has been named Vice President Strategic and Corporate Planning effective 1 June 2021. In her new role, Bhogal-Mitro is responsible for strategic planning and alignment, capital planning, corporate issues and new business development, and the company’s […]
Synchrony And Citgo Ink Multi-Year Contract Extension
(Synchrony, 24.May.2021) — Synchrony (NYSE: SYF), a premier consumer financial services company, and Citgo Petroleum Corporation, a U.S.-based refiner, transporter, and marketer of transportation fuels, lubricants, and petrochemicals, today announced a multi-year extension of their strategic partnership highlighting Synchrony’s commitment to offer Citgo customers with enhanced purchasing options and more […]
Citgo Reveals Its 1Q:21 Results
(Citgo, 21.May.2021) — CITGO Petroleum Corporation reported its first quarter 2021 performance results, including a net loss of $180mn, an EBITDA loss of $(21)mn and Adjusted EBITDA1 of $10mn. The quarter marked the first positive quarterly Adjusted EBITDA for CITGO since the full onset of the coronavirus pandemic. The company’s overall […]
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Citgo Reports FY:20 Results [PDF Download]
(Citgo, 7.May.2021) — Despite the unprecedented challenge COVID-19 presented for refiners, CITGO Petroleum Corporation continued to make strong progress in optimizing operational performance, aggressively managing costs and building on strategic initiatives to strengthen corporate governance, compliance and business ethics. CITGO results for FY 2020 were heavily affected by ongoing pandemic-driven […]
Fitch Revises Citgo’s Outlook To Stable
(Fitch Ratings, 8.Apr.2021) — Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum (Opco) at ‘B’ and CITGO Holding (Holdco) at ‘CCC+’, Opco’s senior secured term loans, notes, and industrial revenue bonds at ‘BB’/’RR1’, and Holdco’s senior secured term loans and bonds at ‘B+’/’RR1’. Fitch withdrew the […]
Ministers Informed Of Deal ‘Citgo Six’ Were Jailed For
(Reuters, 17.Mar.2021) — Six executives of U.S. refiner Citgo have been jailed in Caracas on graft charges since 2017, but court documents seen by Reuters show that top Venezuelan officials were made aware of the deal that the country’s top prosecutor accused the six executives of signing in secret. The […]
Citgo’s Letter To The UN On Human Rights
(Citgo, 25.Feb.2021) — The Simón Bolívar Foundation (Foundation), the 501(c)(3) private foundation of Citgo Petroleum Corporation, upholds high standards of corporate governance and ethics. With these standards in mind, we wish to provide information regarding our charitable programs in Venezuela and address some of the erroneous assertions made in the […]
China, Russia, Venezuela: Q&A With Thomas O’Donnell
(Energy Analytics Institute, 13.Feb.2021) — China and Russia continue to push around their might in Venezuela. Thomas O’Donnell with the Hertie School of Governance & Freie Universität-Berlin weighs in briefly here. Energy Analytics Institute: What might China and Russia be willing to do this year to assist Venezuela’s President Nicolas […]
José R. Pocaterra Elected Chairman Of Citgo BODs
(Citgo, 12.Feb.2021) — The Citgo Petroleum Corporation Board of Directors announced today that Jose R. Pocaterra has been elected Chairman of the Board of Directors. Mr. Pocaterra brings more than 20 years of financial professional experience in the oil and gas industry. Mr. Pocaterra held various positions in the Budget, […]
Citgo’s Going-Concern Value Approximately $5.78bn
(Energy Analytics Institute, 3.Feb.2021) — Houston-based refiner Citgo Petroleum’s going-concern value is approximately $5.78 billion, according to a recent analysis by Fitch Ratings. The value is based on estimated EBITDA of $1.16bn and an Enterprise Value multiple of 5.0x, Fitch announced 3 February 2021 in a Citgo update. ____________________ By […]
Venezuela Orders Arrest Of New Citgo Board Member
(Reuters, 18.Jan.2021) — Venezuelan authorities issued an arrest warrant for a new member of the board of directors of U.S.-based refining firm Citgo Petroleum Corp named by the opposition this month, chief prosecutor Tarek Saab said on Monday. Saab said Jose Ramón Pocaterra was “illegally designated” to the board of […]
Judge Approves Citgo Parent Share Sale
(Argus, 14.Jan.2021) — Venezuela inched closer to losing control of its US refining subsidiary Citgo today after a federal judge began crafting a sale process for shares of its controlling company to pay off the country’s international debts. The court will move forward with the process of selling shares of […]
Jose R. Pocaterra Joins Citgo Board Of Directors
(Citgo, 6.Jan.2021) — The Citgo Petroleum Corporation Board of Directors announced that Jose R. Pocaterra has been named to the Board of Directors, replacing Edgar Rincon who remains Citgo’s Chief Operating Officer and Executive Vice President. “Jose Pocaterra brings more than 20 years of international experience in the financial, business […]
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Citgo Releases First-Ever ESG Report [PDF DOWNLOAD]
(Citgo, 29.Dec.2020) — Marking a new chapter of heightened corporate transparency, responsibility and accountability, Citgo Petroleum Corporation today released its first-ever report detailing the company’s extensive environmental, social and governance (ESG) initiatives. Information contained in this release highlights the company’s progress in 2019 consistent with the accompanying report, as well […]
Carlos Vecchio Says Guaidó Govt Saved Citgo
(Energy Analytics Institute, 29.Dec.2020) — Houston-based refiner Citgo Petroleum, owned by Venezuela’s state oil and gas company Petróleos de Venezuela (PDVSA), continues to benefit from US legal actions to extend protection from creditors until July 2021, says Carlos Vecchio, the Venezuela’s ambassador to the US under the government of opposition […]
Citgo Plans Q4 2021 Overhaul At Corpus Christi Refinery
(Reuters, 21.Dec.2020) — Citgo Petroleum Corp plans an overhaul at its 167,500 barrel-per-day (bpd) Corpus Christi, Texas, refinery in the fourth quarter of 2021, the company said on Monday. The fourth-quarter 2021 turnaround could be rescheduled, Citgo said. Sources told Reuters on Friday that Citgo was postponing planned maintenance scheduled […]
Citgo Closes New A/R Securitization Facility
(Citgo, 18.Dec.2020) — Citgo Petroleum Corporation announced that it has entered into an agreement with Barclays as Program Administrator for a two-year $250mn accounts receivable securitization facility. The facility will enable Citgo to raise incremental, low-cost funding and enhance its financial flexibility. Proceeds made available to Citgo from the facility […]
NGOs Vital In Helping With Humanitarian Crisis [Video]
(Citgo, 10.Dec.2020) — NGOs and other private philanthropic groups are increasingly critical in helping address the deteriorating humanitarian crisis in Venezuela, according to three diverse panels of leading experts recently convened in Houston via webinar by the Simón Bolívar Foundation. Panelists from the international development and humanitarian relief sector pointed […]
Venezuela Judge Convicts Citgo-6, Orders Prison
(AP, 27.Nov.2020) — Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison, dashing hopes of a quick release that would send them home to their families in the United States. Some relatives had been […]
Citgo Reports Third Quarter 2020 Results
(Citgo, 13.Nov.2020) — Citgo Petroleum Corporation’s third quarter results were driven by the economic effects of the Covid-19 pandemic, which affected the refining industry as a whole, and were further affected by an eight-week shutdown at the Lake Charles, La. refinery due to Hurricanes Laura and Delta. As a result […]
Simón Bolívar Foundation Rejects Maduro Allegations
(Citgo, 30.Oct.2020) — Given the recent accusations made by representatives of the Nicolás Maduro regime, the Simón Bolívar Foundation, the private non-profit foundation of Citgo Petroleum Corporation, categorically rejects the allegations regarding the Foundation’s activities and its President Ms. Mariela Poleo, for being completely false and unfounded. The Simón Bolívar […]
Citgo Names John Zuklic As Chief Financial Officer
(Citgo, 29.Oct.2020) — The Board of Directors of Citgo Petroleum Corporation appointed John Zuklic as Vice President Finance and Chief Financial Officer (CFO), reporting to Citgo President and CEO Carlos Jordá, effective 4 Nov. 2020. Zuklic was selected after a thorough, competitive search process that evaluated a number of highly […]
Citgo-backed Bonds Boosted By US Court Ruling
(Reuters, 19.Oct.2020) — Bond market brokers marked up prices on some of Venezuela’s battered debt more than four-fold on Monday after a U.S. judge dealt a major blow to opposition leader Juan Guaido’s efforts to have them declared invalid. The bonds at the centre of the row belong to Venezuelan […]
PdV Ad Hoc Chairman Joins Opposition Flight
(Argus, 9.Sep.2020) — The chairman of the Venezuelan opposition’s “ad hoc” board of national oil company PdV has joined a flight of exiled technocrats from the ranks of a struggling US-backed parallel administration led by Juan Guaido. Luis Pacheco, who was named in April 2019, has focused his board efforts […]
Citgo-6 Surpasses 1,000 Days Of Wrongful Detention
(Energy Analytics Institute, 1.Sep.2020) — More than 1,000 days have passed since Tomeu Vadell, José Luis Zambrano, Alirio Zambrano, Jorge Toledo, Gustavo Cardenas and José Pereira — known as the Citgo-6 — were lured to Caracas for business meetings and then detained by masked security agents and thrown into one […]
Citgo Updates On Lake Charles Refinery After Laura
(Energy Analytics Institute, 28.Aug.2020) — Houston-based refiner Citgo Petroleum released initial details regarding its Lake Charles Refinery and the impact on its operations after the passing of Hurricane Laura. __________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Houston Refiner Citgo Reports 2Q:20 Results
(Citgo, 17.Aug.2020) — Citgo Petroleum Corporation reported a net loss of $5 million for the second quarter of 2020, which includes the benefit from the reversal of a previously recorded lower of cost or market (LCM) inventory adjustment discussed further below. During the same period, Citgo reported EBITDA of $203 […]
US Charges Ex-Citgo Exec In Bribery Probe
(Reuters, 6.Aug.2020) — U.S. prosecutors charged a former Citgo Petroleum manager with accepting $2.5 million as part of a scheme to bribe officials with the U.S. refiner and its Venezuelan parent to win business contracts. Jose Luis De Jongh Atencio, 48, was indicted by a federal grand jury last month […]
PDV Holdings Releases First-Ever Annual Report
(Citgo, 22.Jul.2020) — PDV Holding, Inc., the indirect sole stockholder of Citgo Petroleum Corporation, issued its first-ever annual report detailing financial and operational performance in calendar year 2019. Report highlights included successful debt refinancing, credit ratings upgrades, increased refining capacity and strengthened corporate governance measures. The report was released in […]
CITGO Names Edgar Rincon COO, Executive VP
(Citgo, 17.Jul.2020) — The Board of Directors of CITGO Petroleum Corporation has appointed Edgar Rincon as Chief Operating Officer (COO) and Executive Vice President, reporting to CITGO President and CEO Carlos Jordá effective 10 Augus 2020. “Edgar’s appointment comes after a series of appointments by the CITGO Board of Directors […]
Barreiro, Laprea-Bigott, Jordá Named To Citgo Board
(Citgo, 15.Jul.2020) — Citgo Petroleum Corporation Board of Directors announced today that Pablo Pérez Barreiro, Marcelo Laprea-Bigott and Carlos Jordá have been named to the Board of Directors. “Pablo Pérez Barreiro brings decades of experience in organizational management and Marcelo Laprea-Bigott comes to the Board with deep technical expertise in […]
Guaido Team Adds to PDVSA Ad Hoc Board
(Reuters, 1.Jul.2020) — Venezuela’s opposition-held National Assembly on Tuesday named three new members to an ad hoc board of directors for state Petroleos de Venezuela (PDVSA), which controls some of the company’s most important overseas assets. It was the latest shakeup in opposition leader Juan Guaido’s overseas leadership team, which […]
Guaido Team Favoring COP In Citgo Fight: Update
(Argus, 19.Jun.2020) — Another senior Venezuelan opposition figure has resigned following the government’s leak of a strategy to favor ConocoPhillips in an escalating battle for Venezuelan state-owned PdV’s US refining unit Citgo. Jose Ignacio Hernandez, who held the title of special attorney general in opposition leader Juan Guaido’s US-backed exiled […]
Guaido Team Favoring COP In Citgo Fight
(Argus, 19.Jun.2020) — Another senior Venezuelan opposition figure has resigned following the government’s leak of a strategy to favor ConocoPhillips in an escalating battle for Venezuelan state-owned PdV’s US refining unit Citgo. Jose Ignacio Hernandez, who held the title of special attorney general in opposition leader Juan Guaido’s US-backed exiled […]
Citgo Reports First Quarter 2020 Results
(Citgo, 12.Jun.2020) — Citgo Petroleum Corporation reported its first quarter 2020 performance results, including a net loss of $159 million and an adjusted EBITDA1 of $38 million excluding the effect of special items. The onset of the Covid-19 pandemic combined with crude oil demand destruction were drivers behind the company’s […]
CITGO Proposes $750mn Private Offering
(Citgo, 2.Jun.2020) — Citgo Petroleum Corporation has commenced a private offering exempt from the registration requirements of the Securities Act of 1933, as amended, of $750 million aggregate principal amount of senior secured notes due 2025. The notes offering is subject to market and other conditions, and there is no assurance […]
Q&A: PdV Exile Board Has ‘Levers’ To Keep Citgo
(Argus, 28.May.2020) — Luis Pacheco is chairman of a parallel board trying to exert control over the future of Venezuela’s state-owned PdV. Appointed by the National Assembly led by opposition leader Juan Guaido, Pacheco and other key members of Guaido’s team are fighting to keep the company’s US refining arm […]
PdV’s Board Of Exiles Loses Two Technocrats
(Argus, 21.May.2020) — Two members of the parallel board of Venezuela’s national oil company PdV have resigned, a development that exposes brewing frustration in the exiled technical ranks of US-backed opposition leader Juan Guaido. In a letter dated and made public today, the “ad hoc” board of the state-owned company […]
PDV Holding And Aruba Govt To End Refinery Project
(PDV Holding, 1.May.2020) — PDV Holding, Inc., and the Government of Aruba/Refineria di Aruba (RDA) today executed an amicable termination agreement in relation to the contract for the San Nicolás Aruba Refinery Project. The agreement was completed following parliamentary approval. The final agreement provides that PDV Holdings and its subsidiaries […]
Citgo Foundation To Support Covid-19 Efforts In Venezuela
(Citgo, 26.Mar.2020) — The Simón Bolívar Foundation Inc. (SBF), the non-profit, private foundation of Citgo Petroleum Corporation, is launching a special round of its small grants program to help alleviate the damaging effects of the Covid-19 crisis in Venezuela. Non-profit organizations working in Venezuela are critical right now, given the […]
US Calls For Humanitarian Release Of Citgo 6
(Energy Analytics Institute, Piero Stewart, 19.Mar.2020) — The US calls for humanitarian release of wrongfully detained Americans in Venezuela. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Maduro Taps VP To ‘Restructure’ Oil Sector
(Reuters, 19.Feb.2020) — Venezuelan President Nicolas Maduro said on Wednesday he would create a presidential commission to restructure the country’s beleaguered oil industry, which will be led by Vice President for the Economy Tareck El Aissami. The announcement came a day after the United States sanctioned Rosneft Trading, a unit […]
Maduro Accused Of “Disappearing” US Oilmen
(AP, 19.Feb.2020) — Family members of six American oil executives jailed in Venezuela are accusing Nicolas Maduro’s government of “forced disappearance” after the men were inexplicably missing for the scheduled start of their trial on Wednesday. Veronica Vadell said that lawyers for her father, Tomeu Vadell, and the five other […]
Citgo Names Jack Lynch As Chief Compliance Officer
(Citgo, 11.Feb.2020) — Citgo Petroleum Corporation announced the appointment of Jack Lynch as the company’s new Chief Compliance & Ethics Officer. Lynch will continue to serve as the Vice President of Legal & Government Affairs, a role he has held since October 2019. As Citgo’s new Chief Compliance & Ethics […]