• Maibort Petit

Corporate Welfare

Who is getting the big dollar amounts for Covid relief ? Is it the average middle class American small business ? CITGO obtains USD. 556 million in tax reimbursement under the US Government Aid Act for the COVID-19 Pandemic

by Maibort Petit

CITGO Petroleum Corporation, a subsidiary of Petróleos de Venezuela SA, and whose finances are experiencing liquidity problems, received a net amount of approximately USD 556 million from the Internal Revenue Service (IRS), according to an internal corporate document obtained and verified by the Zignox portal.

Zignox reported that CITGO received the tax refund, the amount of which includes interest, on September 27, 2021. According to the documents reviewed by the outlet, CITGO had requested the refund under the Coronavirus Aid, Relief and Economic Security Act. , known as the “CARES Law”.

CITGO, which in the second quarter reported a net profit of USD. 3 million and an EBITDA of USD. 214 million, owns and operates three large-scale refineries, with a combined crude capacity of approximately 769,000 barrels per day, located in Lake Charles, Louisiana. ; Lemont, III; Lemont, III .; and Corpus Christi, Texas, according to an official press release published Aug. 16.

CITGO also has an equity interest in 39 active refined product storage and transfer terminals, and has access to more than 120 third-party terminals and related parties through exchange agreements, terminals and the like, according to the company's website.

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