Champlin Refining & Chemicals Inc. will merge with Tulsa-based Citgo Petroleum Corp. under a restructuring plan designed to cut costs, a report said today.
The Irving, Tex.-based firms' parent, Petroleos de Venezuela SA, said the refining operations of Venezuela's national oil company will continue under the Citgo name.
The combined companies have annual revenue of more than $7 million and refining capacity of 480,000 barrels of oil per day, the Dallas Morning News reported.
The two subsidiaries are to be united by the end of the year. Ronald E. Hall, president and chief executive officer of Citgo, said Citgo's headquarters will remain in Tulsa.
Citgo has 900 workers in Tulsa and employs about 3,300, with most workers located at its Lake Charles, La. refinery. Champlin employs more than 800 people.