CITGO Names New President & CEO

HOUSTON — CITGO Petroleum formally named Asdrúbal Chávez as its new president and CEO, reported the Houston Chronicle. The politician and former Venezuelan oil minister is also cousin to late Venezuelan President Hugo Chavez.

The leadership change first became known in late November, following the detention of Jose Pereira, acting president of CITGO, and five others on suspicion of embezzlement, as CSNews Online reported. Chávez's appointment is now official.

Houston-based CITGO is a subsidiary of Venezuela's state-owned oil company Petróleos de Venezuela S.A (PDVSA) and acts as its refining and gasoline marketing arm in the United States.

CITGO's announcement of Chávez's included information on his more than 30 years of industry experience. It did not discuss the detentions, according to the report.

Chávez graduated from the Universidad de los Andes in 1979 with a degree in chemical engineering. He started out his career at Venezuela's El Palito Refinery before working his way up to vice president of refining at PDVSA. He was the country's oil minister from 2014 to early 2016.

The announcement did not specify whether Chávez will lead CITGO from Venezuela or attempt to move to Houston.

CITGO is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by CITGO Holding Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A.