Citgo
Oklahoma’s 1910 witnessing of the Citgo initiative saw an incredible refining and marketing initiative for fuels and other energy sources. The Venezuelan business Petróleos de Venezuela purchased 50% of the shares and repurposed it as its parent company. Tragically, the situation soon devolved into chaos. President Hugo Chaves himself announced to global media that Citgo was to be released, calling the whole ordeal “bad business” which cost the whole country a lot of money. The sale failed to materialize, and Venezuela was forced to sell the company as bonds. 2013 saw the country rocked with an economic depression. We have yet to see whether its Russian debt collateral rescue has been a success or not.
Citgo
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