HOUSTON: Citgo Aruba said it would invest US$450 million to US$650 million to reactivate an oil refinery in Aruba that has been idle since 2012.
The company on Saturday said in a statement that the facility in San Nicolas would be retrofitted over the next 18 to 24 months.
The refinery is expected to process up to 209,000 barrels per day of Venezuelan extra-heavy crude into intermediate crude. It would then send the oil to its US refining network for further processing. Citgo has a 15-year operational lease with a 10-year extension option. The agreement between the Aruban government and the US-based subsidiary of Venezuelan state oil company PDVSA was signed during a Friday ceremony in Caracas.
