Citgo, Aruba Reach Deal to Transfer Control of Refinery to Island Government
03.02.2020 By Greta Talmaci - NEWS

March 03, 2020 [WHTC] – U.S. refiner Citgo has reached an agreement with Aruba to transfer control of the San Nicolas refinery to the island’s government, Citgo said late on Saturday, after the two parties last year suspended a contract to overhaul the facility.

Citgo, a unit of Venezuelan state oil company Petroleos de Venezuela [PDVSA.UL], has been under the control of the South American country’s opposition for more than a year after Washington slapped sanctions on PDVSA in a bid to oust socialist President Nicolas Maduro.

That transition left the future of the 209,000 barrel-per-day refinery uncertain. Citgo and Aruba in 2016 reached a 25-year, $685 million deal to refurbish and reopen the facility, which had been idled since 2012, but little progress has been made.

Citgo in a statement said the transfer agreement was the first step in a process that would result in the Aruba government taking full control of the refinery by March 16, following approval by the island’s parliament.

Aruba’s government has said it is looking for outside candidates to take over the refinery.

Citgo Petroleum Corporation, a separate entity, would continue to supply fuel to the island’s airport and gas stations, Citgo said.

————-

Click Here to Access Today a 4,900 Tank Terminal Database With a Pro Trial
Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More