PVD Holding

What PVD Holding does

PDV Holding, Inc. is a non-operating stock holding company incorporated in Delaware and headquartered in Houston, Texas. It is a wholly owned US subsidiary of Petróleos de Venezuela, S.A. (PDVSA), Venezuela's state-owned national oil company. Following the 2019 Venezuelan political crisis and international recognition of Juan Guaidó as interim president, the PDVSA Ad Hoc Administrative Board reconstituted PDV Holding's Board of Directors, which has since overseen corporate governance, legal defense, and debt restructuring of the holding structure.

PDV Holding's sole economic function is to hold 100% of the shares of CITGO Holding, Inc., which in turn is the sole stockholder of CITGO Petroleum Corporation, one of the largest petroleum refiners in the United States. CITGO operates three US refineries with significant processing capacity, reported $1.1 billion in adjusted EBITDA, expanded refining capacity by 20,000 barrels per day, and carries credit ratings of B (Fitch) and B3 (Moody's). PDV Holding itself has no external customers, no revenue, and no pricing model; its value is derived entirely from its indirect ownership of CITGO.

The company's strategic priorities are defensive: protecting CITGO from creditor attachment (notably the $1.2 billion Crystallex arbitration award and the Maduro-regime issued PDVSA 2020 Notes), unwinding legacy liabilities, recovering misappropriated assets such as the 49.9% CITGO Holding stock certificate recovered from a Rosneft affiliate in June 2023, and refinancing CITGO's debt to reduce financial costs. It terminated the San Nicolás Aruba Refinery Project in May 2020, saving up to $150 million. Activities are conducted through Delaware and federal court litigation, OFAC licensing, and corporate governance, with no traditional go-to-market or product strategy.

Name

PVD Holding

Legal name

PDV Holding, Inc.

Website

https://pdvholding.com

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

PDV Holding, Inc. is a non-operating US holding company and subsidiary of Venezuela's PDVSA that indirectly owns 100% of CITGO Petroleum Corporation, one of the largest US refiners; the entity focuses on corporate governance, legal defense, and debt restructuring to protect CITGO from creditor attachment.

Ownership category

akta.pro rank

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Infrastructure

Revenue model

1. Investment Holding Operations: PDV Holding is a non-operating stock holding company that generates no independent revenue. Its value derives from its ownership stake in CITGO Holding, Inc. (100% ownership), which in turn is the sole stockholder of CITGO Petroleum Corporation. The company focuses on corporate governance, legal protection of assets, and debt restructuring of its subsidiaries rather than direct revenue-generating activities.

Marketing channels1 record

Core offering

PDV Holding, Inc. is a non-operating stock holding company incorporated in Delaware and headquartered in Houston, Texas. It is the indirect sole stockholder of CITGO Petroleum Corporation through 100% ownership of CITGO Holding, Inc. The company does not generate independent revenue; its function is corporate governance, legal protection of Venezuelan national oil assets in the United States, and management of debt restructuring of its subsidiaries.

Product overview

PVD Holding, Inc. is a non-operating stock holding company incorporated in Delaware and headquartered in Texas. It is a United States subsidiary of the Venezuelan National oil and gas company, Petróleos de Venezuela, S.A. (PDVSA). The company does not offer products or services in the traditional sense; its primary function is holding stock. PDVH is the indirect sole stockholder of CITGO Petroleum Corporation through 100% ownership of shares of its direct subsidiary CITGO Holding, Inc.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Refining capacity increased by 20,000 barrels per day
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered former adversarial, former and core.

• Rosneft Trading (Russian Oil Company)former adversarialOthers · 21 June 2023PDV Holding recovered a stock certificate representing 49.9% of the outstanding shares of its subsidiary CITGO Holding, Inc. from an arm of Russian-controlled Rosneft. The certificate had been given as collateral in violation of Venezuelan law by Maduro-era officials to guarantee a $1.5 billion prepayment loan. With OFAC authorization, Rosneft Trading agreed to return the certificate.
• Government of ArubaformerStrategic or Co-development Partner · 1 May 2020PDV Holding, Inc. (through its subsidiary CITGO Aruba Holding) and the Government of Aruba/Refineria di Aruba (RDA) signed an amicable termination agreement for the San Nicolás Aruba Refinery Project. The agreement was completed following parliamentary approval and exonerates PDV Holding from responsibilities under the project. Negotiations began in April 2019, with a Memorandum of Understanding signed in October 2019.
• Refineria di Aruba (RDA)formerStrategic or Co-development Partner · 28 February 2020CITGO Aruba Holding (CAH), a subsidiary of PDV Holding, reached a transfer agreement with Refineria di Aruba (RDA) for the operatorship transfer of the San Nicolás Aruba Refinery. This was part of the termination process of the Aruba Refinery Project. The termination was completed in May 2020.
• CITGO Holding, Inc.coreOthersPDV Holding is the indirect sole stockholder of CITGO Petroleum Corporation through 100% ownership of CITGO Holding, Inc. CITGO Holding is the sole stockholder of CITGO Petroleum Corp., one of the largest petroleum refiners in the United States operating three refineries with significant processing capacity.
• Petróleos de Venezuela, S.A. (PDVSA)coreOthersPDVSA is the Venezuelan National oil and gas company and the parent entity of PDV Holding. PDV Holding is a US subsidiary of PDVSA. The relationship involves the ad hoc Administrative Board of PDVSA appointed by Venezuela's democratically elected government, which oversees PDVSA's external asset protection including PDV Holding.
• US Government (OFAC)coreOthersThe new Board of Directors obtained OFAC (Office of Foreign Assets Control) licenses, renewals, and favorable clarifications for CITGO entities, providing operational and financial stability. The US Government also filed Statements of Interest supporting the Guaido-appointed board in legal proceedings.

Scale indicators9 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Marathon Petroleum Corporation: The largest US refiner with ~2.9M bpd capacity and a refining-led business model similar to CITGO's. Comparability is high due to overlapping refining footprint, midstream integration (MPLX), and exposure to the same US fuel demand drivers and regulatory environment facing PDV Holding through CITGO.
• Phillips 66: Major US-based refiner and integrated midstream/marketer with ~1.8M bpd capacity. Closely comparable to CITGO's refining-plus-marketing model, including similar exposure to RFS/RIN obligations and the same product slate dynamics that determine PDV Holding's effective EBITDA through CITGO.
• PBF Energy Inc. Independent US refiner with ~1.0M bpd capacity, including East Coast and Gulf Coast assets that overlap CITGO's strategic footprint. Comparable scale, refining-margin-driven earnings model, and logistic complexity make PBF a strong directional comparable for the asset underlying PDV Holding.
• HF Sinclair Corporation: US independent refiner (formerly HollyFrontier) with refining capacity of ~0.6M bpd, comparable in size profile to CITGO. Operates refineries in similar regions and has comparable exposure to crack spreads, renewable diesel investment themes, and mid-continent product flows relevant to the CITGO asset.
• Valero Energy Corporation: One of the largest US refiners with ~3.2M bpd capacity, operating in PADD regions overlapping CITGO's footprint. Comparable as a publicly traded independent refiner with branded wholesale marketing, midstream/logistics integration, and similar exposure to crack spreads and renewable fuels regulation.
• CITGO Petroleum Corporation: PDV Holding's wholly-owned operating subsidiary and the closest comparable business, operating three US refineries (Lake Charles, Corpus Christi, Lemont) with significant capacity, branded fuel marketing, and the $1.1B EBITDA backing PDV Holding's equity value. It is the most directly comparable refining platform to PDV Holding's underlying asset.
• CVR Energy, Inc. US independent refiner with ~0.4M bpd capacity focused on the Mid-Continent and Gulf Coast, comparable to CITGO in scale and product complexity. Similar exposure to RIN obligations, coal-to-renewables pivots, and commodity-driven refining margins make this a relevant profitability comparable.
• Delek US Holdings, Inc. Smaller-cap US refiner and fuel marketer with refineries in Texas and Tennessee, directly comparable to CITGO's regional refining footprint and branded distribution model. Similar business model of refining for margin capture combined with convenience store retail and wholesale fuel distribution.

Broad incumbents

• LyondellBasell Industries N.V. Global petrochemicals major with refining assets, broader diversified portfolio, and significant scale that exceeds CITGO. Comparable as a large incumbent with overlapping refining/petrochemicals integration and similar US Gulf Coast exposure, but operates a substantially wider downstream platform than CITGO.
• Saudi Arabian Oil Company (Saudi Aramco): State-owned national oil company with global downstream and refining operations. Comparable to PDV Holding as a sovereign-controlled, non-operating holding structure with material refining exposure and similar cross-border governance and politicized-asset considerations. Differs from PDV Holding by being upstream-integrated, global, and publicly listed.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PVD Holding