The Venezuela-owned PDVSA, which owns the Houston-based energy giant Citgo, has multiple energy deals in Iran.
Venezuela's state-owned oil company, PDVSA, is 100 percent owner of the Tulsa-based CITGO oil company.
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The only vestige of that past is the famed Citgo sign, which still hovers over the area.
And that was Citgo, a Venezuelan oil firm based in the United States.
If Chavez does get his way, the big winners will be Citgo's competitors.
That's why PDVSA bought Citgo, starting with a 50% stake in 1986.
Chavez has considered selling off the Citgo plants in the past.
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Many of us have seen the CITGO, the Venezuelan-owned oil company TV commercials running across the United States, which promote discounted heating oil to low-income people.
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Bathed in the flashing lights from Kenmore Square's iconic rooftop Citgo sign, Boston University juniors Brendan Hathaway and Sam Howes high-fived strangers as they walked down the street.
The deal would largely be paid for by repealing a manufacturing tax credit on the five major oil companies--Exxon Mobil, ConocoPhillips, Royal Dutch Shell, BP and Chevron--as well as Venezuela-owned Citgo.
Announcing plans to sell Citgo is just a way for Chavez "to keep the pot stirred, " says Robert Ebel, global energy analyst with the Center for Strategic and International Studies in Washington.
S. A division of Petroleos de Venezuela, its refining arm Citgo owns three plants on the Gulf Coast, including Lake Charles, one of the biggest in the U.S. These refineries are optimized to process heavy Venezuelan crude.
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Three such cards have rates of nearly 30% for borrowers who fall behind on their payments, including the Marathon Platinum reward card and the Speedway SuperAmerica Platinum MasterCard, both issued by JPMorgan Chase, and the Citgo Preferred Visa, issued by Citigroup.
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