19 Facts About Citgo

Citgo Petroleum Corporation is a United States–based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products.

Citgo began by acquiring gas-producing properties in the mid-continent and southwest.

Citgo responded by offering to buy Mesa, which was the first use of what became known as the Pac-Man take-over defense; i e, a counter-tender offer initiated by a takeover target.

Fifty percent of Citgo was sold to Petroleos de Venezuela, S A in 1986, which acquired the remainder in 1990, resulting in the current ownership structure.

In October 2010, then President of Venezuela, Hugo Chavez, announced the intention to have PDVSA sell its Citgo subsidiary calling it a "bad business" and citing low profits since 2006.

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In November 2017, six executives working for Citgo, including five American citizens, were arrested while attending a meeting at the headquarters of PDVSA in Caracas, and as of June 2020 remained imprisoned without consular access and without a trial.

Citgo has a much earlier connection to Venezuela, dating to the turn of the 20th century.

Citgo launched a national ad campaign in the fall of 2006 emphasizing the company's corporate social responsibility.

Citgo was a sponsor of the No 21 Wood Brothers racing team in NASCAR for many years, with drivers such as Michael Waltrip, Elliott Sadler, Kyle Petty, Neil Bonnett, Morgan Shepherd and Dale Jarrett.

Citgo sponsored the Citgo Pontiac-Riley of Venezuelan car driver Milka Duno in the Rolex Sports Car Series.

Midway through the 2007 season, Citgo sponsored the No 23 SAMAX Motorsport entry in the IndyCar Series for Duno.

Citgo is a major sponsor of the Bassmaster Fishing Tournaments, and is the sponsor of a charity golf tournament benefiting the Muscular Dystrophy Association .

Citgo is MDA's biggest corporate sponsor, and its executives have appeared on the Jerry Lewis MDA Telethon.

Consistent with its former sponsorship of the Boston Marathon, Citgo has for the past few years sponsored an elite level multisport team that competes in both adventure racing and triathlon events throughout the United States.

In 2006, Citgo established the Simon Bolivar Foundation as a 501 non-profit, charitable private foundation to "transform lives by connecting non-profits and community leaders to better improve the quality of life through the support of health initiatives".

Citgo has its headquarters in the Energy Corridor area of Houston, Texas, United States.

In 2003, the Oklahoma governor Brad Henry met an executive of Citgo to discuss possible incentives that would keep the Citgo headquarters in Oklahoma.

Citgo considered the 1500 Louisiana building in Downtown Houston, the Williams Tower in Uptown Houston, the BMC Software headquarters complex in Westchase, and the Aspentech Building in the Energy Corridor.

In September 2004 the company began moving its headquarters, and by September 24 Citgo had already relocated 150 employees to the Energy Corridor offices.