Company News

CITGO Gets New President, CEO & Chairman

Martinez succeeds Granado

HOUSTON -- Dr. Nelson P. Martinez has assumed the position of president and CEO at CITGO Petroleum Corp., and he has been appointed as chairman and member of the board of directors on May 23, 2013. Alejandro Granado held these positions previously.

As reported in a Raymond James/CSP Daily News Flash on Monday, in his new role, Martinez will oversee all aspects of the operations of one of the largest refiners in the United States with an aggregate crude oil refining capacity of 749,000-barrels-per-day (bpd) and a network of 48 owned or jointly owned petroleum terminals. CITGO sold a total 14.7 billion gallons of refined products in 2012 and has a network of nearly 6,000 branded retail outlets.

Martínez brings more than 30 years of experience in the energy industry to his new role, including broad international experience, in-depth knowledge of the refining industry and a strong scientific, innovative and dynamic background.

"I look forward to building upon the success of the company, furthering our vision to remain a world benchmark corporation by continuing to deliver top-quality products to our customers while maintaining a strong commitment to the environment and the communities where we have a presence and beyond," Martinez said.

Before being appointed chairman and member of the board of directors, and president and CEO of CITGO, Martinez served as the managing internal director for Petroleos de Venezuela SA (PDVSA), the national oil company of the Bolivarian Republic of Venezuela. He has held a variety of other positions within PDVSA, including head of the catalysis section in the research and development center; manager for the processes development department; leader of the technology management corporate group; deputy manager of the refining and petrochemicals general division; manager of new business development; managing director of refining for PDVSA Oriente; and most recently, executive director for PDVSA America and managing director for PDVSA Argentina.

"CITGO is well positioned to continue to be a leader in the refining industry and to continue the social responsibility investments for which it is known," said Martinez. "I am proud to continue the legacy and be a part of that."

Granado took over as chairman, CEO and president in May 2007, succeeding Felix Rodriguez.

CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America Inc., an indirect wholly owned subsidiary of PDVSA.

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