Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Carlos Jorda to be appointed new CITGO CEO

Patrick Valdes/CITGO

Carlos Jorda

By Marianna Parraga / Reuters

MEXICO CITY
Petroleumworld 08 14 2019

Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA).

Citgo cut ties with PDVSA earlier this year after U.S. President Donald Trump's administration sanctioned the state-run company and recognized Juan Guaido, Venezuela's congress chief, as the nation's legitimate leader. Citgo officials loyal to President Nicolas Maduro were ousted and new boards for PDVSA and Citgo were named by the Venezuelan congress in February.

An appointment could be announced as soon as this week, after Citgo's board votes on the selection process, according to one of the sources.

Guaido, asked by reporters at a briefing outside the National Assembly office which nominations he is going to make, said: “We will announce three nominations. ... We are in the search of a CEO for Citgo. We have interviewed Carlos Jorda. ... Jorda will be supporting and helping this (effort to) safeguard (assets).”

Guaido did not provide details on how Jorda would provide support.

Jorda, 69, was chairman of Citgo Petroleum between 1999 and 2002 and retired from the company in the early 2000s. He is a director at Delek US Holding, an oil refiner based in Tennessee, and an adviser at consultancy Gaffney, Cline & Associates.

A Citgo spokeswoman referred questions on Jorda and the potential appointment to a June statement acknowledging that the board was searching for a “leader who can best navigate the complex geopolitical and financial landscape.”

Jorda, who one person said has not yet formally accepted the offer, could not be reached for comment. PDVSA did not reply to a request for comment.

Venezuelan Oil Minister Manuel Quevedo said over the weekend that the Trump administration is “stealing” Citgo, applying “irrational measures” and pursuing an economic war against Maduro.

The next CEO will take over a profitable business with nearly $30 billion in revenue last year, according to company disclosures. Citgo is the eighth largest U.S. refiner by capacity and markets through a network of 5,300 retail outlets.

But it is a company under siege on several fronts: Maduro has his own directors and considers the separation from PDVSA as illegal; creditors want to grab Citgo in payment for Venezuela's debts; and the U.S. Justice Department is probing its role in alleged bribery-for-contracts schemes.

Luisa Palacios, a Venezuelan executive appointed by Guaido to lead Citgo's board, would remain as chair and other directors also would continue, two of the sources said.

The decision comes as a U.S. court confirmed the Guaido administration's authority to appoint the Citgo board, rejecting a lawsuit by Maduro-appointed officials seeking to retake control of the company.

Washington last week issued an executive order freezing any property of the Venezuelan government in U.S. territory and opening a window for the enforcement of secondary sanctions on the country, where PDVSA is struggling to allocate and receive cash from exports.

The order, along with new licenses permitting some exceptions, aims to protect Venezuela's overseas assets, especially Citgo, from some creditors while giving power to Guaido's representatives to negotiate with foreign holders of Venezuela's debt.

Citgo operates refineries in Texas, Louisiana and Illinois that can process up to 749,000 barrels of crude oil per day. Shares in its U.S. parent, Citgo Holding, were used by Maduro as collateral for debt due in 2020 and for a loan from Russian oil company Rosneft ( ROSN.MM ).

 



Reporting by Marianna Parraga in Mexico City; Additional reporting by Luc Cohen in Caracas; Writing by Gary McWilliams; Editing by Jonathan Oatis and Leslie Adler from Reuters.

reuters.com 08 13 2019

________________________


We invite you to join us as a sponsor.
Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved


This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.