Following its appointment at the end of February 2019, CITGO’s Board of Directors immediately defined a mission with three top objectives including protecting CITGO's assets, enhancing CITGO’s corporate governance and ensuring CITGO’s operational and financial stability. At the direction of the Board, the company engaged a leading accounting firm to examine CITGO’s internal controls. In addition to committing to the highest standards of governance, CITGO’s new board takes seriously all allegations of unlawful or improper activity. The board has retained outside counsel to conduct an independent investigation about past practices in the company. CITGO is fully committed to taking all appropriate remedial actions in response to the investigation’s findings. CITGO has also received a subpoena from the Department of Justice (DOJ), which has been conducting a multi-year investigation into corruption practices in PDVSA. CITGO has pledged full cooperation with the DOJ.
About CITGO
Headquartered in Houston, Texas, CITGO Petroleum Corporation is a recognized leader in the refining industry with a well-known brand. CITGO operates three refineries located in Corpus Christi, TX; Lake Charles, Louisiana; and Lemont, Illinois, and wholly and/or jointly owns 45 terminals, nine pipelines and three lubricants blending and packaging plants. With approximately 3,500 employees and a combined crude capacity of approximately 749,000 barrels-per-day (bpd), CITGO is ranked as the fifth-largest and one of the most complex independent refiners in the United States. CITGO transports and markets transportation fuels, lubricants, petrochemicals and other industrial products and supplies a network of approximately 4,900 locally owned and operated branded retail outlets in 30 states and the District of Columbia. CITGO Petroleum Corporation is owned by CITGO Holding, Inc. For more information, visit www.CITGO.com.