SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Jun. 27, 2013--
WEX
Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced it has signed a long-term agreement to provide private
label and co-branded universal fleet card services to CITGO Petroleum
Corporation.
Through this agreement, WEX will issue fleet cards, provide related
payment services to CITGO customers, and convert the CITGO fleet card
portfolio to its platform. This provides customers with a complete range
of information, features and functionality to manage their fleets.
Together, WEX and CITGO will build a comprehensive sales and marketing
program for direct sales and will also support the local efforts of
CITGO marketers and retailers representing more than 6,000 branded
retail locations.
“We’re excited to add the CITGO brand to our private label portfolio and
to leverage its strong market presence in the Eastern United States,”
said Ken Janosick, senior vice president of fleet payment solutions at
WEX. “The agreement with CITGO underscores our commitment to growth in
the North American fleet market and offers fleet customers another
robust fleet card program option with one of the most recognized brands
in the industry.”
The new program will include a competitive rebate offer on CITGO fuel
through a single-branded proprietary fleet card good only at the CITGO
locations, as well as a co-branded universal card, which will be
accepted at more than 150,000 fuel and service locations throughout the
United States. These commercial offerings will bring value to loyal
businesses and CITGO-branded marketers and retailers.
"WEX provides the best competitive offerings for our fleet customers,
and by working together, we believe we can substantially grow our fleet
business,” said Alan Flagg, general manager of light oils marketing for
CITGO Petroleum Corporation. "As an industry leader, WEX brings great
brand value and superior performance, both of which are important to our
marketers and retailers. WEX is a great fit for CITGO in the fleet
market.”
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 7.5 million
cardholders and offering exceptional payment security and control across
a wide spectrum of business sectors. The Company’s operations include
WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express
Australia, Wright Express New Zealand and CorporatePay Limited, England,
as well as a majority equity position in UNIK S.A., Brazil. WEX and its
subsidiaries employ more than 1,300 associates. For more information
about WEX, please visit WEXInc.com.
About CITGO Petroleum Corporation
CITGO, based in Houston, is a refiner, transporter and marketer of
transportation fuels, lubricants, petrochemicals and other industrial
products. The company is owned by PDV America, Inc., an indirect wholly
owned subsidiary of Petróleos de Venezuela, S.A., the national oil
company of the Bolivarian Republic of Venezuela. For more information,
visit www.CITGO.com.
Source: WEX Inc.
WEX
News media contact:
Jessica Roy, +207-523-6763
Jessica.Roy@wexinc.com
or
Investor
Relations contact:
Michael E. Thomas, +207-523-6743
Michael.Thomas@wexinc.com