Quick Answer: Is Valero Owned By Venezuela?

What gas stations are owned by Venezuela?

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.

Is Citgo owned by Venezuela?

Venezuelan ownership

Fifty percent of Citgo was sold to Petróleos de Venezuela, S.A. (PDVSA) in 1986, which acquired the remainder in 1990, resulting in the current ownership structure. It was confirmed in January 2015 that Citgo would not be sold, but rather bonds were sold by Citgo to give a dividend to PDVSA.

Who bought out Valero?

On April 25, 2005, Valero agreed to buy Premcor, Inc., for $8 billion in cash and stock to become the largest U.S. refiner, as record prices for gasoline and other fuel boosted profits.

Who owns Valero Energy Company?

In 2005, Valero became the largest independent North American refiner with the acquisition of Premcor Inc. and its four refineries. Valero spun off Valero L.P. and its general partner, Valero GP Holdings in 2006, creating the independent company NuStar.