• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 11 days e-truck insanity
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

Citgo Confirms Venezuelan Crude Can Be Replaced

The new chairwoman of U.S. refiner Citgo has assured energy industry attendants of the CERAWeek conference that the company is resilient enough to continue operating without any major hiccups.

The Houston Chronicle quoted Luisa Palacios as saying "For the last month (Citgo) has been developing contingency plans because of the risk that could be in place.  I have to say, the flexibility of our refiners has allowed us to adjust to shock in a quite substantial way.”

Palacios was appointed chairwoman along with a whole new board of directors by the interim government of Venezuela appointed by opposition leader Juan Guaido. Guaido declared himself interim president this January after slamming the May 2018 elections as illegitimate and calling on the Venezuelan people to take to the streets to try and topple the Maduro government.

Earlier this year, Guaido said he would replace the board of directors not just of Citgo but of PDVSA as well. He did so last month but the original board of the troubled company also stayed in place.

Yet Citgo is perhaps more important. While PDVSA has been hit by U.S. sanctions, Citgo is a U.S. incorporated company, whose assets now seem to be at the disposal of the Venezuelan opposition with Washington’s blessing as it increases the pressure on PDVSA and the Maduro government by freezing its assets in the United States and setting up a new account for Venezuelan crude import payments, also to be made available to the Guaido government.,

Citgo operated refineries in three states—Texas, Louisiana, and Illinois—and is a major importer of Venezuelan crude. However, according to Palacios, Venezuelan crude makes up about a quarter of its total intake of crude and it can be replaced with oil from other supplier.

"It's a shock, but it's one we're very well placed to weather," Palacios said referring to the latest sanctions that more or less cut off Venezuelan crude oil’s access to the Gulf Coast refineries.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News