Citgo names new president and CEO

Nelson Martinez has been named chairman, president and CEO of Citgo Petroleum Corp.

Citgo Petroleum Corp. has named Nelson P. Martínez as president and CEO, bringing in a new leader for the U.S.-based refining and retail arm of Venezuela’s state-owned oil company.

Martínez was previously managing internal director for Petroleos de Venezuela SA and has held a variety of positions within the company.

He had been named to the Citgo board of directors and appointed chairman in late May. His appointment as president and CEO was effective Friday.

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All three positions were previously held by Alejandro Granado.

In his new roles, Martínez will oversee one of the largest refiners in the United States. Citgo operates three refineries, in Corpus Christi, Lake Charles, La., and Lemont, Ill., with a crude oil refining capacity of 749,000 barrels per day and a network of 48 owned or jointly owned petroleum terminals.

The company also has a network of almost 6,000 retail outlets.

The death of former Venezuelan President Hugo Chavez in March raised questions about the future of Citgo, with some analysts suggesting that the South American country might sell the refining and transportation company.

A Citgo spokesman said Martínez wasn’t available for an interview Monday. But in a written statement, the new president and CEO said that the company “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. I am proud to continue the legacy and be a part of that.”

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Martínez has a wealth of international experience, both educational and in his career.

He earned a bachelor’s degree in chemistry and a master’s degree in physical chemistry from France’s University of Poitiers. He also holds a doctorate in chemistry from the University of Reading in the United Kingdom and a master’s degree in technology management from the Massachusetts Institute of Technology. In addition, he studied management at Michigan University, Harvard University and at the non-profit research institute, SRI International, in California.

Martínez also holds more than 50 international patents and papers and was elected to the New York Academy of Sciences for his contributions to the study of catalysts in hydro-treatment and catalytic cracking.

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