CITGO Petroleum releases first ESG report to bolster accountability, recognize climate change threat

CITGO Petroleum Corporation released “A Clear Direction Forward” this week, its first report on internal environmental, social, and governance (ESG) initiatives, covering its progress in 2019 and 2020, and looking to document ethics and governance efforts for accountability.

“CITGO has never been more dedicated to our core values of environmental stewardship, integrity, respect, fairness, social responsibility, operational availability, and competitiveness,” CITGO President and CEO Carlos Jordá said. “This report shows those CITGO core values at work.”

The report includes data showing that CITGO managed to reduce SO2 emissions by 96 percent and NOx emissions by 65 percent between 2004 and 2019 and to reduce water use significantly at its three refineries. It also details efforts taken to enhance controls, compliance, and ethics internally, following the appointment of its new Petroleum Corporation Board of Directors last year, along with its first Chief Compliance & Ethics Officers. New codes of conduct, ethics teams, and training have resulted.

“When the new board of directors and management team joined CITGO in 2019, we focused on institutionalizing best practices at CITGO and the Simon Bolivar Foundation – and elevating the importance of diversity and inclusion,” said Luisa Palacios, former CITGO chairwoman and current board member. “The results are evident in a more socially responsible company that strives to be an outstanding corporate citizen, prioritizes integrity and transparency, and is driving progress in diversity with the appointment of multiple women to key corporate leadership roles for the first time.”

Diversity has increased at CITGO, with the report showing 37 percent minority and 36 percent female representation as of December 2019.

CITGO has also committed to community assistance efforts, including aiding areas impacted by hurricanes, boosting volunteer efforts among its staff, and boosting non-profit contributions. For the first time, the company also recognized climate change and pledged to support legislation to curb greenhouse gases.

In the future, CITGO intends to issue regular ESG reports to continue this trend of transparency.