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Creole Petroleum Corporation

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20th century American oil company operating in Venezuela
Creole Petroleum Corporation
Company typePrivate (1920–28)
Subsidiary (1928–76)
IndustryPetroleum
FoundedMarch 1920
DefunctJanuary 1, 1976; 49 years ago (1976-1-1)
FateNationalised by theGovernment of Venezuela
Headquarters
Area served
Venezuela
ParentStandard Oil of New Jersey (1928–76)

TheCreole Petroleum Corporation was an Americanoil company. It was formed in 1920 to produce fields onLake Maracaibo,Venezuela.[1] The company was acquired byStandard Oil of New Jersey in 1928. Until 1951 Creole Petroleum was the world's number one oil producer.[2]

In 1950, Creole opened its refinery atAmuay bay.[3] This is now a part of theParaguaná Refinery Complex considered the world's third largest refinery complex, just afterJamnagar Refinery (India) and Ulsan Refinery (South Korea).

The Venezuelan assets of Creole Petroleum Corporation were nationalized along with those of other foreign oil firms on January 1, 1976, becoming asLagoven [es] filial part ofPDVSA, a Venezuelan government-owned operating company.[4]

See also

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References

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  1. ^Toyin Falola, Ann Genova (2005).The politics of the global oil industry: an introduction. Greenwood Press. p. 233.ISBN 978-0-275-98400-7.in 1920 the creole petroleum corporation formed
  2. ^"Venezuela: International Partnership". Time. October 29, 1951.Archived from the original on February 5, 2013.Arabian American Oil Co. supplanted Creole as No.1 in July of this year.
  3. ^Edwin Lieuwen.Petroleum in Venezuela.Creole's of similar size at Amuay
  4. ^"Exxon Reaches Venezuelan Pact On Oil Purchases".The Wall Street Journal. January 7, 1976.
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