7-11 Fires Citgo
7-11 is creating it’s own brand of gasoline, and giving Citgo their walking papers. Part of the reason is concern over Venezuelan President Hugo Chavez’s anti-US politics. Citgo is a Venezuelan state-owned company.Â
Convenience store operator 7-Eleven Inc. is dropping Venezuela-backed Citgo as its gasoline supplier at more than 2,100 locations and switching to its own brand of fuel.
The retailer said Wednesday it will purchase fuel from several distributors, including Tower Energy Group of Torrance, Calif., Sinclair Oil of Salt Lake City, and Houston-based Frontier Oil Corp.
A spokeswoman for Dallas-based 7-Eleven said its 20-year contract with Citgo Petroleum Corp. ends next week. About 2,100 of 7-Eleven’s 5,300 U.S. stores sell gasoline.
Citgo is a Houston-based subsidiary of Venezuela’s state-owned oil company, and the foreign parent became a public-relations issue for 7- Eleven because of comments by Venezuelan President Hugo Chavez.