Citgo, the US refining arm of Venezuela’s state oil company PDVSA, split from its parent in 2019 after Venezuela’s opposition-led Congress appointed new executives and Washington imposed tighter sanctions on PDVSA, which had been the source of most of its crude and the receiver of a big portion of its fuel output.
HOUSTON: Eighth-largest United States refiner Citgo Petroleum Corp has reported a 2020 loss of US$667mil (RM2.74bil) due to slack demand for fuel and higher costs that crushed profit margins.
Most US refining companies in 2020 suffered deep losses and four facilities halted operations as the Covid-19 pandemic sharply cut fuel demand and sales. Average US gasoline consumption fell 13% last year with gasoline and diesel prices hitting a four-year low, according to government figures.
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