Citgo
Petroleum said it will keep its headquarters in Houston, warding off
speculation that it was considering moving its executive hub to the
Caribbean.
The Venezuelan refiner confirmed it is maintaining its
Houston home after its new president and CEO, Asdrúbal Chávez, a cousin
of the late Venezuelan president Hugo Chávez, arrived in Houston last
week to attend his first meetings. But Citgo at first would not address
the potential headquarters change.
The CEO change came amid the company's ongoing controversies
regarding the arrests of the company's previous leadership team in
Venezuela late last year. Citgo is a subsidiary of the state oil company
in Venezuela, which is mired in economic and political turmoil.
Chávez was installed as the new president at the end of November by
current Venezuelan President Nicolas Maduro. Earlier in November, the
Venezuelan government swept up much of the previous Citgo leadership
team, most of whom are dual American citizens living in the Houston
area, on embezzlement and corruption charges. The moves are widely seen
as an effort by Maduro to further consolidate power. Those arrested
remain in custody.
Argus Media reported last week week that Citgo was considering moving
its headquarters from Houston to Aruba, where Citgo also has a
refinery. However, Maduro recently cut off ties temporarily with Aruba
and some other neighboring Caribbean nations because of concerns about
smugglers.
Chávez, a chemical engineer, plans to unveil his vision for the
future of the company over the coming months, Citgo said. Chávez also is
a politician and former Venezuelan oil minister.
Citgo is a U.S. company with a more than 100-year history that was
acquired by Venezuela's state-run oil company nearly 30 years ago. Citgo
now acts as the U.S. refining and gasoline marketing arm of Venezuela.
Citgo employs about 4,000 people in the U.S., including more than 800
in Houston. The company has roughly 160 branded gas stations in the
Houston area, and about 5,500 nationwide. Citgo owns oil refineries in
Corpus Christi, Lake Charles, Louisiana, and Illinois.
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