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Thread: refinery News

  1. #31
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    Google Translation:

    De Meza: Agreement CITGO and Aruba can be signed anytime

    Posted on 23/05/2016 8:31 am AST | Updated on 05/23/2016 8:33 am AST

    ORANJESTAD - The agreement between CITGO and Aruba is ready and can be drawn at any time. With this statement, the Minister of Energy Mike Meza wants to put an end to the uncertainty of the past few days because "nothing has been signed." At least that's the perception. According to a communiqué, this weekend issued by the government, this weekend an Aruban delegation has returned extremely satisfied from Miami. During his stay abroaAccording to a communiqué, this weekend issued by the government, this weekend an Aruban delegation has returned extremely satisfied from Miami. The delegation, under the leadership of Minister Mike De Meza, has held intensive talks in Miami with the negotiating team CITGO. During his stay abroad, Minister De Meza spoke with Dr. Nelson Martinez, President and CEO of CITGO Petroleum Corporation. "Together we have developed an action plan for the period from now until the signature," says De Meza, "And it can happen anytime."

    NEGOTIATIONS LAST WEEK

    After the Aruban government and CITGO last week had concluded negotiations and reached an agreement, the negotiating team in recent days has put the dot on the 'i' and drafted contracts will soon be signed by both parties. "The discussions of these last days were focused on the annexes accompanying the contracts," explained Minister De Meza out. In addition, the Definitive Participation Agreement contains a number of lease contracts relating to the operation of the refinery, terminal and maritime operations. These contracts will take into account environmental issues, labor relations, tax policy and the use of clean technology. There are a number of agreements in which the supply of gasoline, jetfuel and diesel is regulated. "The transition agreement between the government, CITGO and Valero is an integral part of the agreements," the minister said, "This contract ensures a smooth transition between the two operators."

    NEGOTIATION PHASE

    The negotiation phase which culminated last week was an intense and complex period for the Aruban government and CITGO. This week, the negotiating teams will remain in contact with each other in order to have the final version of the contents of the contract as quickly as possible ready. "The rehabilitation of one of the historic economic pillars is closer than ever," said Minister De Meza arrival from Miami. "Where we are now is the result of the commitment of the Aruban government in recent years."

    http://noticiacla.com/

  2. #32
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    Ok, so once again.. Newspapers... HOWEVER... my sources are telling me that because Citgo is 100% owned by PdVSA - the Venezuelan State Oil Company... it is being reviewed in the Netherlands.. prior to final signature... just to be sure... better safe than sorry....I"m thinking it will be signed in the next 2 weeks... the "official" signing.... but we shall see...

    Quote Originally Posted by CK1 View Post
    Google Translation:

    De Meza: Agreement CITGO and Aruba can be signed anytime

    Posted on 23/05/2016 8:31 am AST | Updated on 05/23/2016 8:33 am AST

    ORANJESTAD - The agreement between CITGO and Aruba is ready and can be drawn at any time. With this statement, the Minister of Energy Mike Meza wants to put an end to the uncertainty of the past few days because "nothing has been signed." At least that's the perception. According to a communiqué, this weekend issued by the government, this weekend an Aruban delegation has returned extremely satisfied from Miami. During his stay abroaAccording to a communiqué, this weekend issued by the government, this weekend an Aruban delegation has returned extremely satisfied from Miami. The delegation, under the leadership of Minister Mike De Meza, has held intensive talks in Miami with the negotiating team CITGO. During his stay abroad, Minister De Meza spoke with Dr. Nelson Martinez, President and CEO of CITGO Petroleum Corporation. "Together we have developed an action plan for the period from now until the signature," says De Meza, "And it can happen anytime."

    NEGOTIATIONS LAST WEEK

    After the Aruban government and CITGO last week had concluded negotiations and reached an agreement, the negotiating team in recent days has put the dot on the 'i' and drafted contracts will soon be signed by both parties. "The discussions of these last days were focused on the annexes accompanying the contracts," explained Minister De Meza out. In addition, the Definitive Participation Agreement contains a number of lease contracts relating to the operation of the refinery, terminal and maritime operations. These contracts will take into account environmental issues, labor relations, tax policy and the use of clean technology. There are a number of agreements in which the supply of gasoline, jetfuel and diesel is regulated. "The transition agreement between the government, CITGO and Valero is an integral part of the agreements," the minister said, "This contract ensures a smooth transition between the two operators."

    NEGOTIATION PHASE

    The negotiation phase which culminated last week was an intense and complex period for the Aruban government and CITGO. This week, the negotiating teams will remain in contact with each other in order to have the final version of the contents of the contract as quickly as possible ready. "The rehabilitation of one of the historic economic pillars is closer than ever," said Minister De Meza arrival from Miami. "Where we are now is the result of the commitment of the Aruban government in recent years."

    http://noticiacla.com/
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  3. #33
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    Already months ago, when Aruba was not sure if they should reopen the refinery or not, the Netherlands agreed to have it reopened as an additional source of income.

    Quote Originally Posted by EdandLiz View Post
    Ok, so once again.. Newspapers... HOWEVER... my sources are telling me that because Citgo is 100% owned by PdVSA - the Venezuelan State Oil Company... it is being reviewed in the Netherlands.. prior to final signature... just to be sure... better safe than sorry....I"m thinking it will be signed in the next 2 weeks... the "official" signing.... but we shall see...

  4. #34
    Member EdandLiz's Avatar
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    Yes, yes they did But of course, they want to review the "final agreement". They were not involved in the actual negotiations. So we just now wait and see what the next step is of Citgo/PdVSA, the Aruba govt and the Netherlands. I'm sure we will know the final outcome in the next few weeks... along with the "official signing". I still personally, now please note that this is my personal thoughts... think that the funds, in the long run will NOT be there... but we shall see...

    Quote Originally Posted by CK1 View Post
    Already months ago, when Aruba was not sure if they should reopen the refinery or not, the Netherlands agreed to have it reopened as an additional source of income.
    Ed and Liz Ginocchio Golden Reef Hospitality - Your Aruba Dream Mgmt. Rental Vacation Homes
    We manage your home just like it was our own! www.myarubadreamvilla.com


  5. #35
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    Citgo to start Aruba refinery rehabilitation in August - official

    Fri Jun 3, 2016 8:06pm GMT

    ORANJESTAD, June 3 (Reuters) - Citgo Petroleum plans to start in August a rehabilitation project at the 235,000-barrel-per-day Aruba refinery after an agreement to operate the facility was reached last month with the government, the island's labor minister said on Friday.


    "The rehabilitation will start on August 1st for a 18-month period approximately," Labor Minister Paul Croes told journalists. A second phase would follow for 12 months more to complete the project.


    (Reporting by Sailu Urribarri, written by Marianna Parraga)

    http://af.reuters.com/article/commod.../idAFL1N18V1SY

  6. #36
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    Citgo sign deal possible tomorrow in Venezuela

    Thursday, June 9th, 2016 14:44

    ORANJESTAD - An Aruban delegation travels tomorrow with a private aircraft to Venezuela for the signing of an agreement with the US oil company Citgo, a subsidiary of the Venezuelan state-owned PDVSA. That Amigoe has learned from a reliable source. The signature for the operation of the oil refinery of Valero in San Nicolas is still not 100 percent sure, but based on "logistics".

    Last week, Prime Minister Mike Eman in Cuba where President Nicolas Maduro of Venezuela was present. Both Maduro as Eman expressed their blessing on the agreement.

    Last year a Memorandum of Understanding was signed between Aruba and Citgo. That paved the way for Citgo to make technical and economic research. In late December a non-binding agreement was reached in which both parties agree on key issues. Aruba would become owner of the refinery which is still owned by Valero. Aruba then leases the refinery to Citgo for a period of fifteen years, with the option to extend for ten years. On May 13, the two parties reached a final agreement and had only legal, tax and other details to be worked out. According to schedule the work must to restart the refinery to start in August this year. It's still about two years before the refinery is fully operational again.

    http://amigoe.com/aruba/229448-onder...n-in-venezuela

  7. #37
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    Bati Bleki/Rona Coster had a piece about Citgo in her column:

    Good read by Milton Ponson

    A press release by Rainbow Warriors International

    http://batibleki.visitaruba.com/8am-...international/

  8. #38
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    Foto at Link ~ Google Translation:

    Aruban delegation in Caracas for Citgo deal

    Friday, June 10th, 2016 15:08

    ORANJESTAD - Prime Minister Mike Eman, the Minister of Economic Affairs Mike de Meza and Labour Minister Paul Croes were this morning on arrival at Simon Bolivar, the airport of Caracas in Venezuela, welcomed on the red carpet by Venezuelan Minister of Economic Affairs, Miguel Pérez Abad (photo between the military and the prime minister). The Dutch Ambassador Onno Kerver, was present. The delegation was then escorted to the Hotel Gran Melia Eduardo Assef, vice president of Citgo, waiting for them. It is expected that the signature for the operation of the Valero oil refinery in San Nicolas will be put at the end of the afternoon. A selected group of press for the government traveled with the delegation in the private plane. Invited were representatives of Tele Aruba, 24ora, Canal 90, Magic Fm, Hits 100 Diario and ATV. On the TV channels 13 and 23 via Tele Aruba following the visit of the delegation of Citgo live. This morning De Meza congratulated, ahead of the signing, live on TV the people of Aruba already with the reopening of the refinery.

    http://www.amigoe.com/aruba/229525-a...oor-citgo-deal

  9. #39
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    Government of Aruba, CITGO and PDVSA sign agreement! (Fotos at link):

    Posted on 10/06/2016 7:21 pm AST | Updated on 06/10/2016 8:16 pm AST

    http://www.noticiacla.com/news/6213

  10. #40
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    Fri Jun 10, 2016 10:52pm EDT Citgo, Aruba clinch deal to reactive refinery

    CARACAS | By Alexandra Ulmer

    Venezuela's PDVSA unit in the United States, Citgo Petroleum, and Aruba on Friday signed an agreement to reactivate a 235,000-barrel-per-day refinery on the Caribbean island, an investment designed to help process the South American’s oil producer's extra heavy crude.

    The Aruban government reported last month that the agreement involves a 25-year lease to allow Citgo to operate the refinery, after investments amounting to at least $1 billion.

    The "Definitive Participation Agreement" framework signed in Caracas said that Citgo will invest in the refinery and that Aruba will foster a positive environment for foreign investment, but did not provide details.

    "We have the financing, Citgo has gotten financing to start works we hope will last 12 months," PDVSA president Eulogio Del Pino told Reuters on Friday night, adding the funds came from “international banks” in a project finance scheme.
    “In 12 months we’ll be sending diluted crude from Venezuela there, we’ll upgrade it and we’ll have a closed circuit of upgraders in the Caribbean,” added Del Pino, who is also Oil Minister.

    Even though PDVSA's financial condition is weak amid low crude prices, its subsidiary Citgo enjoyed some relief last year due to higher refining margins, which would allow it to direct a portion of its profit to Aruba.

    (Additional reporting by Deisy Buitrago; Writing by Girish Gupta; Editing by Simon Cameron-Moore)

    http://www.reuters.com/article/us-ve...-idUSKCN0YX01U

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