Occidental Petroleum bought Cities Service in 1982, and CITGO was incorporated as a wholly owned refining, marketing and transportation subsidiary in the spring of the following year. Then, in August, 1983, CITGO was sold to The Southland Corporation to provide an assured supply of gasoline to Southland’s 7-Eleven convenience store chain.
In September, 1986, Southland sold a 50 percent interest in CITGO to Petróleos de Venezuela, S.A., (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. PDVSA acquired the remaining half of CITGO in January, 1990 and the company is owned by CITGO Holding, Inc., an indirect, wholly owned subsidiary. With a secure and ample supply of crude oil, CITGO quickly became a major force in the energy arena.
Since 1985, CITGO has sold its various products through independent marketers. Our relationship with these individuals is really what makes CITGO different from other petroleum companies.
After a nominal search on G**gle I found that Southland Corp sold CITGO to PDVSA in 1986 and the rest in 1990 (cited above).
Any linkies to the theft of CITGO after the sale? Or did Chaves simply nationalize Conoco properties in VZ, like so many other dictators have done around the world?
COP held a bunch of CITGO bonds when they were nationalized. In the billions.