Citgo Petroleum, the US unit of Venezuela’s PDVSA, will likely invest approximately USD $400 million to USD $600 million to overhaul Aruba’s refinery under a 25-year lease with the Caribbean island’s government, a top PDVSA official said recently.
Citgo earlier this month signed the agreement to reactivate the 235,000-barrel-per-day refinery, which would help process the South American’s oil producer’s extra-heavy crude.
The previous operator, Valero Energy Corp, idled the refinery in 2012 because of its low profit.
PDVSA President Eulogio Del Pino reported earlier this month that Citgo was raising money from international banks to fund the project.
The Aruba complex could be up and running again within 1-1/2 to 2 years, Citgo has said.