I believe Citgo is a Venezuelan based company.
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For years, the embattled Venezuelan government has had a surprising economic lifeline: a company called Citgo that owns three oil refineries and oversees a nationwide network of pipeline and oil and gas stations in the United States.
Citgo has long been a subsidiary of PDVSA, the Venezuelan state oil company. It would import heavy crude oil from Venezuela, then refine it and distribute it throughout the United States. Through this, cash would be provided for Venezuela’s political elite.
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Citgo was founded by American businessman Henry L. Doherty as the Cities Service Co. in 1910. Doherty had already made a significant impact on the natural gas industry and wanted a holding company for the utility companies he was acquiring. After finding large quantities of oil near El Dorado, Kan., in 1915, the company slowly began to focus on the energy industry.
In 1965, in a bid to market themselves directly to consumers, Cities Service decided to change its name to Citgo, which is now familiar to U.S. consumers — the company’s logo is even an iconic part of the skyline in
Boston’s Kenmore Square. By the 1980s, Citgo was one of the largest oil companies in the United States, but it faced tough competition.
The company was bought by Occidental Petroleum in 1982 and would go on to change hands a number of times in the following years. In 1986, roughly 50 percent of the company was bought by PDVSA, which then purchased the other 50 percent in 1990. The deal allowed the Venezuelan state oil company a route into the U.S. market, while Citgo’s refineries would have access to the largest proven oil reserves in the world.
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