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Thread: Refinery

  1. #1
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    Refinery

    I wonder with all that has happened in Venezuela if it will impact the refinery plans in San Nicolaas. Venezuela sure doesn't have much money in reserv based upon recent news reports

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    Unfortunately, the previous Aruban government lead by Mike Eman(AVP) left Aruba in financial ruins. Fake growth, manipulation with budget numbers, cheaply built infrastructure projects(green corridor/watty vos blvd) and to top it all off a deal with a narco state(Venezuela). We are now left with 86% debt to GDP and some would say over 100% if you count the failed infra projects where lenders are threatening to pull out. They doubled or almost tripled the debt which was at around 44% to GDP when they took office. They even manipulated a nice chunk of voters into believing that Citgo had nothing to do with Venezuela.

    Everyone warned them. I did, the US did. Every person with a single grain of thought knew that this deal would fail given the political unrest(full blown dictatorship) and because half of Citgo was already put up as collateral to ROSNEFT(russia) for a loan. Venezuela was and is broke. Yet, they still went through with it for their own petty political game. Its disgusting.
    Last edited by Arawak; 02-24-2018 at 07:40 AM.

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    I have been following the news regarding Citgo for a long time. There have been quite some stories out there in the past few months. Despite everything, here is an update from Angelo Limon's Newsletter:

    Green Light For CITGO: Resume Rehabilitation

    Prime minister of Aruba discussed the situation of the rehabilitation of the refinery on a popular morning radio show, after a meeting with representatives of CITGO.

    According to the prime minister, the contract between CITGO is clear and there’s no room for error on their part moving forward, which can cause millions of dollars of fees.

    The contract between Aruba and CITGO prevents the island to be jeopardized in any case the investors decide to abandon ship.

    CITGO has been complying with the tax payments to the government since the start of the project, even until now, despite the refinery not being operational.

    The prime minister also shared the good news during a press conference that a slowdown of the rehabilitation of the refinery is no longer effective.

    Representatives of CITGO confirmed to have the necessary funds to proceed with the rehabilitation of the refinery within a short period of time.

    http://www.vacationsbyaruba.com/news-updates-in-aruba/
    Last edited by CK1; 04-08-2018 at 05:01 PM.

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    Exclusive: Conoco moves to take over Venezuelan PDVSA's Caribbean assets - sources

    May 6, 2018 / 1:14 PM / Updated 17 hours ago

    HOUSTON/CARACAS (Reuters) - U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions.

    The U.S. firm targeted facilities on the islands of Curacao, Bonaire and St. Eustatius that accounted for about a quarter of Venezuela’s oil exports last year. The three play key roles in processing, storing and blending PDVSA’s oil for export.
    The company received court attachments freezing assets at least two of the facilities, and could move to sell them, one of the sources said.
    Conoco’s legal maneuvers could further impair PDVSA’s declining oil revenue and the country’s convulsing economy. Venezuela is almost completely dependent on oil exports, which have fallen by a third since its peak and its refineries ran at just 31 percent of capacity in the first quarter.
    The Latin American country is in the grip of a deep recession with severe shortages of medicine and food as well as a growing exodus of its people.
    PDVSA and the Venezuelan foreign ministry did not respond on Sunday to requests for comment. Dutch authorities said they are assessing the situation on Bonaire.
    Conoco’s claims against Venezuela and state-run PDVSA in international courts have totaled $33 billion, the largest by any company.
    “Any potential impacts on communities are the result of PDVSA’s illegal expropriation of our assets and its decision to ignore the judgment of the ICC tribunal,” Conoco said in an email to Reuters.


    The U.S firm added it will work with the community and local authorities to address issues that may arise as a result of enforcement actions.
    PDVSA has significant assets in the Caribbean. On Bonaire, it owns the 10-million-barrel BOPEC terminal which handles logistics and fuel shipments to customers, particularly in Asia. In Aruba, PDVSA and its unit Citgo lease a refinery and a storage terminal.
    On the island of St. Eustatius, it rents storage tanks at the Statia terminal, owned by U.S. NuStar Energy, where over 4 million barrels of Venezuelan crude were retained by court order, according to one of the sources.
    NuStar is aware of the order and “assessing our legal and commercial options,” said spokesman Chris Cho. The company does not expect the matter to change its earnings outlook, he said.
    Conoco also sought to attach PDVSA inventories on Curacao, home of the 335,000-barrel-per-day Isla refinery and Bullenbay oil terminal. But the order could not immediately be enforced, according to two of the sources.


    Last year, PDVSA’s shipments from Bonaire and St Eustatius terminals accounted for about 10 percent of its total exports, according to internal figures from the state-run company. The exports were mostly crude and fuel oil for Asian customers including ChinaOil, China’s Zhenhua Oil and India’s Reliance Industries.
    From its largest Caribbean operations in Curacao, PDVSA shipped 14 percent of its exports last year, including products exported by its Isla refinery to Caribbean islands and crude from its Bullenbay terminal to buyers of Venezuelan crude all over the world.
    PDVSA on Friday ordered its oil tankers sailing across the Caribbean to return to Venezuelan waters and await further instructions, according to a document viewed by Reuters. In the last year, several cargoes of Venezuelan crude have been retained or seized in recent years over unpaid freight fees and related debts.
    “This is terrible (for PDVSA),” said a source familiar with the court order of attachment. The state-run company “cannot comply with all the committed volume for exports” and the Conoco action imperils its ability to ship fuel oil to China or access inventories to be exported from Bonaire.
    At the International Chamber of Commerce (ICC), Conoco had sought up to $22 billion from PDVSA for broken contracts and loss of future profits from two oil producing joint ventures, which were nationalized in 2007 under late Venezuela President Hugo Chavez. The U.S. firm left the country after it could not reach a deal to convert its projects into joint ventures controlled by PDVSA.
    A separate arbitration case involving the loss of its Venezuelan assets is before a World Bank tribunal, the International Centre for the Settlement of Investment Disputes.
    Exxon Mobil Corp also has brought two separate arbitration claims over the 2007 nationalization of its projects in Venezuela.

    https://www.reuters.com/article/us-c...-idUSKBN1I70RA

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    CITGO Aruba: ConocoPhillips did not seize any of the Aruba assets

    Posted on 05/9/2018 5:22 pm AST | Updated on 05/9/2018 5:22 pm AST


    SAN NICOLAS – “"No attachment or seizure has occurred of any assets of CITGO Petroleum Corporation or CITGO Aruba Refinery.” This was the response from an official of the Aruba refinery Wednesday to NoticiaCla on the ConocoPhillips take over of varios PDVSA related properties this week. With this short statement, CITGO assured that it was not affected in any way by the ConocoPhillips actions. It was rumored over the weekend that Aruba’s CITGO facility was also affected, like Curacao and Bonaire. News agency Reuters cited sources informing that Aruba would also be affected. Curacao and Bonaire meanwhile were indeed affected and confirmed by the respective island governments. ConocoPhillips over the weekend took action as part of a way to secure 33 billion dollars in payment from Venezuelan oil company PDVSA, by confiscating either the property or/and operations, having the respective islands scramble to secure both supply of gas and electricity to the community.

    https://www.noticiacla.com/news/12692

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    The Canadian mining company Rusoro filed a lawsuit this week in Houston seeking to seize the assets of Citgo, the U.S. branch of PDVSA, which, if approved, would be a devastating blow to Venezuela's oil future, Dallen said.
    The key factor in that case will be a ruling on whether Citgo and PDVSA are legally the same as the Venezuelan government, which would open the doors to lawsuits by holders of expired Venezuelan government bonds.
    I think Rusoro probably decided to act when it saw how ConocoPhillips jumped in line, ahead of other creditors, and started to embargo assets in the Caribbean, taking control of [oil] terminals and storage facilities, said Dallen.
    Rusoro is seeking $1.3 billion as payment for the expropriation of its gold mining operations in Venezuela.


    In another hint of what may be coming, a former PDVSA supplier, White Beech SNC LLC, filed a lawsuit Monday in the U.S. District Court for the Southern District of New York against PDVSA for the company's failure to meet payment obligations on a PDVSA $25 million bond issue.

    http://www.miamiherald.com/latest-ne...210820589.html


    Read more here: http://www.miamiherald.com/latest-ne...#storylink=cpy
    Last edited by mercedes; 05-11-2018 at 09:49 PM.

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    ConocoPhillips unsuccessful in seizing Aruba’s FMSA fuel operation

    Posted on 05/11/2018 4:43 pm AST | Updated on 05/11/2018 4:43 pm AST


    ORANJESTAD – American company ConocoPhillips was unsuccessful in seizing part of the CITGO Aruba property through the gasoline distribution operation FMSA. Aruba Energy minister Evelyn Wever roes confirmed this for NoticiaCla Friday. “ They’ve tried seizing CITGO assets in other countries (too) arguing that these were also PDVSA assets but did not succeed” Wever continued.


    ARUBA
    The minister also assured this portal that seized PDVSA assets elsewhere did not affect the Aruba Refinery (RDA). She explained that the refinery is government owned and buys HFO from a third party. Whatever the current structure, the refinery is not ‘in danger’ by ConocoPhillips actions.

    UNDER CONTROL Wever also assured everyone that ‘we still have everything under control and will continue monitoring the developments”. She did admiti that the PDVSA situation is a difficult and tense one, and has their complete attention so no to affect the already delicate CITGO situation even further. The refinery is currently in a difficult position due to imposed US sanctions and is struggling to get the property rehabilitated in time for the 2020 deadline.

    https://www.noticiacla.com/news/12706

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    ConocoPhillips successfully seizes two oil shipments in Aruba

    Posted on 05/15/2018 12:00 pm AST | Updated on 05/15/2018 12:01 pm AST


    ORANJESTAD – ConocoPhillips successfully seized two supposedly PDVSA oil shipments in Aruba Monday night, Aruba energy minister Evelyn Wever confirmed to NoticiaCla Tuesday morning. This comes one day after Wever told the Aruba press that Aruba got lucky, as the initial seizure intent by ConocoPhillips over the weekend was unsuccessful. She however also claimed that ConocoPhillips and others would continue trying and that with those we might not be as lucky then. CITGO Aruba meanwhile, is contesting the seizure in an Arubano court this morning, claiming the oil is not PDVSA but CITGO property.

    https://www.noticiacla.com/news/12730

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    Commodities News
    May 15, 2018 / 2:44 PM / Updated 25 minutes ago
    UPDATE 3-Conoco aims to seize oil cargoes near Citgo's Aruba terminal

    Reuters Staff

    (Adds details on tanker cargoes seized)


    By Sailu Urribarri and Marianna Parraga


    May 15 (Reuters) - U.S. oil company ConocoPhillips has brought new court actions to seize two cargoes of crude and fuel near a terminal operated by PDVSA subsidiary Citgo Petroleum in Aruba, the Aruban government confirmed on Tuesday.


    Conoco is moving aggressively to enforce a $2 billion arbitration award over the 2007 expropriation of two oil projects in Venezuela, creating unease in the Caribbean, where many islands depend on fuel produced by state-run PDVSA .


    “The Aruba refinery has said that an embargo on two Citgo oil cargoes was introduced last night. Citgo is claiming the crude as its own, and is fighting at court to demonstrate the product is not PDVSA’s,” said Prime Minister Evelyn Wever-Croes in a statement. “Independent of any outcome, this is not going to affect Aruba,” she said.


    The cargoes seized included 500,000 barrels of crude oil on the Grimstad and about 300,000 barrels of jet fuel, gasoline and diesel on the Atlantic Lily, according to a source at the Aruba terminal and Thomson Reuters vessel tracking data.


    Citgo, the U.S. refining unit of PDVSA, has leased the 209,000 barrel-per-day (bpd) Aruba refinery and its 13 million-barrel terminal from the government since 2016 to store Venezuelan and other crudes for supplying its U.S. refineries.


    As the refinery remains idled since 2012 while a major refurbish project is underway, Citgo regularly supplies the island with imported fuel.
    Wever-Croes told journalists government officials and the management of the refinery were organizing a contingency plan to avoid a situation similar to Curacao and Bonaire, where inventories were blocked by Conoco’s legal actions.


    No fuel shortages have been reported in the Caribbean but officials are trying to import from other sources.
    Conoco in recent days seized the 10-million-barrel BOPEC oil terminal owned by PDVSA in Bonaire and fuel inventories at the 335,000-bpd Isla refinery operated by the Venezuelan firm in Curacao. Both islands are in talks with Conoco to free fuel for domestic consumption.
    “What belongs to Citgo belongs to PDVSA, but a judge has to rule on it,” Wever-Croes said.


    Daren Beaudo, a Conoco spokesman, said on Tuesday that the company sent representatives to the Caribbean this week to meet with local officials and address their concerns over Conoco’s efforts to enforce the arbitration award by the International Chamber of Commerce (ICC).
    PDVSA did not immediately respond to a request for comment.


    Last week, Curacao officials said the Isla refinery would have to halt refining operations once its available inventories were exhausted.
    “It is PDVSA that has failed to honor our award by ignoring the judgement of the ICC tribunal and other local court orders,” Beaudo said in a statement.
    Conoco Chief Executive Ryan Lance on Tuesday said the firm is far from recovering all of the $2 billion ICC award. He said legal actions have been brought in Hong Kong and London to have the ruling recognized following a similar move last month in a New York court. (Reporting by Sailu Urribarri in Jacksonville, Florida, and Marianna Parraga in Houston; additional reporting by Alexandra Ulmer and Tibisay Romero; editing by Lisa Shumaker and Tom Brown)

    https://af.reuters.com/article/commo.../idAFL2N1SM20Z

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