Citgo is ultimately owned by the Venezuelan state, through its state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA), which controls PDV Holding, Inc.
Understanding Citgo's Ownership Structure
CITGO Petroleum Corporation, a prominent U.S.-based refiner, transporter, and marketer of transportation fuels, lubricants, and other industrial products, operates as an indirect subsidiary within a complex corporate structure.
- CITGO Petroleum Corporation is the operational entity.
- It functions as an indirect subsidiary of PDV Holding, Inc., a U.S.-based, non-operating holding company.
- PDV Holding, Inc. is incorporated in Delaware and headquartered in Texas.
This arrangement means that while PDV Holding, Inc. is the direct holding company in the United States, it is itself part of a larger ownership framework.
The Role of PDV Holding, Inc.
PDV Holding, Inc. serves as the primary U.S.-based holding company in Citgo's immediate ownership chain. Its role as a "non-operating holding company" signifies that it does not directly engage in the refining or marketing activities that Citgo undertakes. Instead, it exists to hold assets, primarily the shares of Citgo.
The Ultimate Owner: Petróleos de Venezuela, S.A. (PDVSA)
The ownership chain extends further up from PDV Holding, Inc.:
- PDV Holding, Inc. is a wholly-owned subsidiary of Petróleos de Venezuela, S.A. (PDVSA).
- PDVSA is the Venezuelan state-owned oil and natural gas company, making it the primary vehicle through which the Venezuelan government controls its vast petroleum resources and related assets, including Citgo.
Therefore, the ultimate beneficial owner of Citgo is the Government of Venezuela.
Overview of Citgo's Ownership
The following table summarizes the key entities in Citgo's ownership hierarchy:
| Entity | Relationship to Citgo (or preceeding entity) | Key Details |
|---|---|---|
| CITGO Petroleum Corporation | Operational Company | U.S.-based refining, marketing, and petrochemical company. |
| PDV Holding, Inc. | Direct U.S. Parent / Holding Company | Non-operating holding company; incorporated in Delaware, headquartered in Texas. |
| Petróleos de Venezuela, S.A. (PDVSA) | Parent of PDV Holding, Inc. | Venezuelan state-owned oil and natural gas company. |
| Government of Venezuela | Ultimate Owner / Controller | Controls PDVSA, thus ultimately controlling Citgo. |
This multi-tiered structure illustrates how Citgo, while operating as a U.S. entity, falls under the ultimate control and ownership of the Venezuelan state. The complexities surrounding the control of PDVSA and its subsidiaries, including Citgo, have been subjects of international legal and political disputes, reflecting the strategic value of these assets.
