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Citgo deal annually produces over 50 million florins
Saturday, June 11th, 2016 14:54
SAN NICOLAS - Last night, Mike de Meza, Minister of Economic Affairs and Prime Minister Mike Eman were welcomed by a crowd in San Nicolas as heroes, after the signing of the contract with the US oil company Citgo and the Venezuelan state-owned PDVSA, . With high fives, champagne, cake and confetti cannon they celebrated that the refinery will open its doors again in August. But first, it needs for approval yet of yesterday's signed contract of the Advisory Board and approved by parliament. The government hopes that this round will happen in July. Then the refinery is owned byAruba and leased to Citgo for a period of fifteen years. The work to run the refinery will started in August, and will cost Citgo about $ 1 billion. It's still at least 18 months, according to the government before the refinery is fully operational again. Every year, the deal should provide the Aruban government at least 50 million florins: 35 million florins to lease proceeds and the remaining 15 million florins in tax revenue.