• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 19 hours Could Venezuela become a net oil importer?
  • 30 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 24 mins Oil prices going Up? NO!
  • 23 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 19 hours Gazprom Exports to EU Hit Record
  • 21 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 19 hours Could oil demand collapse rapidly? Yup, sure could.
  • 19 hours Oil Buyers Club
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 23 hours Why is permian oil "locked in" when refineries abound?
  • 12 hours Oil prices going down
  • 22 hours EVs Could Help Coal Demand
  • 17 hours Saudi Arabia turns to solar
  • 10 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 5 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
OPEC Edges Closer To Production Agreement

OPEC Edges Closer To Production Agreement

A successful OPEC agreement in…

One Of The Caribbean’s Largest Oil Refineries Set To Reopen

Refinery

The Aruban unit of oil company Citgo and the Aruban government have reached an agreement to re-open one of the Caribbean’s largest oil refineries in San Nicolas, Aruba, the Caribbean Journal reported Sunday. The refinery had previously been operated by San Antonio-based energy company Valero Energy, and had sat idle for years prior to the agreement. The new deal is for a 15-year lease with the option for a 10-year extension. The signing ceremony took place in Caracas with Venezuelan President Nicolás Maduro and Aruba Prime Minister Mike Eman present. “This project will transform the refinery into an upgrader for Venezuelan extra-heavy crude within 18 months to two years. This process—which will require an investment ranging from $450 [million] to $650 million, to be obtained from external financing sources—can be compared to a large turnaround,” Citgo CEO Nelson Martínez said. After an initial “adaptation” process, the facility will upgrade to refining extra-heavy crude from the Orinoco Oil Belt and transforming it into intermediate crude. Citgo is owned by PDV America, an indirect subsidiary of Venezuela’s PDVSA.

By The Dialogue

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • GregSS on June 17 2016 said:
    Doesn't Valero still own this refinery? Kind of curious that this deal has been announced by everyone except Valero

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News