Who owns citgo

By blending business with purpose, there is balance between being a successful oil company, while giving back to our communities, demonstrating that after all this time, CITGO still specializes in "cities service. The company was one of the first to supply gas and electricity to public utilities in the U. Cities Service subsidiaries produced half the oil used by the Allies in the final year of World War I. That same year, the company expanded and was now comprised of 24 petroleum companies, 45 electric companies and 15 natural gas companies.

During that same year, Cities Service refineries processed 53 million barrels of crude oil to fuel the war effort. Cities Service oil tankers aided efforts delivering 32 million barrels of oil to military forces around the globe. This pioneering retail concept store combined the sale of gasoline with convenient food items.

The company that year was also acquired by the Southland Corporation, operators of the 7-Eleven chain of convenience stores. At the time, the number of outlets was more than any other company in the nation. Helps expand access to medicine and nutrition, while improving the well-being of vulnerable individuals in and from Venezuela.

Launches newly redesigned website. It is the rare business that sustains excellence over decades — and rarer still the company that can stand strong after more than a century. Read More. Our Story While there has been a world of change over the past century, a lot of things are not so different after all. And so began the heritage of an enduring success story. Venezuela's Foreign Minister Jorge Arreaza said the judicial process is "fraudulent" and aimed at "robbing Venezuelans of their most important asset abroad.

The case over Citgo is taking place in Wilmington, Delaware. There, Judge Leonard Stark is ruling in favor of Crystallex. Crystallex went bankrupt nine years ago, and since then, the company has been trying to recover its investment in Venezuela. However, Judge Stark ruled that the Venezuelan state had erased the lines between the government and its oil company, and because of this, they should be legally treated as the same.

However, none of this can happen until the US Treasury Department lifts its ban over the sale and transfer of Citgo and its shares. Ultimately, if Rosneft or any other creditor were to gain control over Citgo, Venezuela would be losing ownership of its most important asset abroad. Please contact us for subscription options.