PDVSA, Citgo progress on Aruba refinery's restart official

November 11, 2015 4:57 PM
CARACAS - Venezuela's PDVSA and its unit in the United States, Citgo Petroleum, are studying various options to restart the Aruba refinery in the Caribbean, a top official at the state-run oil firm said.
 
Aruba's government said in September it had signed a memorandum of understanding with Citgo to explore reopening and operating the 235,000-barrel-per-day refinery that has been idled since 2012 when owner Valero Energy closed its crude processing units amid low margins.
 
"Our interest is to reactivate the refinery. Technical teams have been named, due diligence will start, we'll look at what investment are needed, what would need to be done," said Jesus Luongo, PDVSA's vice president of refining, trade and supply.
 
PDVSA owns, but also operates several refineries and storage terminals in the Caribbean. Its presence in the area has been growing in recent years as the company needs more facilities to refine, receive imported oil and formulate exportable blends.
 
"It could fulfil a role similar to Isla (a PDVSA-operated refinery owned by Curacao's government) or enter our broader strategy. Truly it's interesting for us and we think there is a good potential opportunity," added Luongo, who declined to provide specific details.
 
A source from Valero told Reuters it had not yet received a proposal. He added the firm has been working in recent months to finally shut down the refinery's remaining operations, including industrial services such as steam, water and power, by year-end.
 
Even if these operations shut down, oil storage tanks, which are currently used by both Valero and PDVSA, will remain operational, the source added.
 
When halting the refinery three years ago, Valero said it would keep it circulating while looking for a buyer.
 
To find an operator or renter was never publicly mentioned as an option, but Aruba's government - the land's owner - has been discussing different possibilities, according to local media and sources close to the talks.
 
A source close to Citgo's technical team said Aruba is among Citgo's current main projects as it would allow the firm to use the facility as a big distillation complex. It would mainly produce naphtha to be used by PDVSA as a diluent, as well as refining feedstock for Citgo.
 
The proposal would also include paying rent with products from the refinery, the source added, which would minimize reactivation costs for PDVSA and Citgo.
 
Source: Reuters 

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