Assets source page



Citgo assets source page



Accessed on 9-4-2009

CITGO is proud to be a leading manufacturer of high-quality transportation fuels, lubricants and petrochemicals. Our Lake Charles complex, strategically located on the banks of the Calcasieu Ship Channel, encompasses 2,000 acres which includes the CITGO Refinery. The facility employs about 1,200 regular, full-time employees.

Lake Charles Refinery

CITGO’s Lake Charles Refinery is a modern, deep-conversion facility with a processing capacity of 425,000 - 440,000 barrels of crude oil per day. The fourth largest refinery in the nation, it’s particularly suited to process heavy crudes into high-octane, unleaded gasoline. It also produces turbine fuel, heating oils and petrochemicals such as benzene and propylene, which are used to manufacture a wide range



Fuels Refining

CITGO's refineries produce a wide range of conventional and reformulated gasolines to meet the needs of marketers and retailers. Our refineries produce 117 million barrels of gasoline, 61 million barrels of distillates and 25 million barrels of jet fuel per year.

CITGO's fuel facilities:

Lake Charles Refinery

Corpus Christi Refinery

Lemont Refinery



1993

CITGO enters into joint venture agreement with LYONDELL Chemical to form the Lyondell-CITGO Refinery Company in Houston; CITGO owns 41 percent.



2008

CITGO sells two asphalt refineries and other assets associated with its CARCO asphalt division to NuStar.

CITGO introduces Mystik brand for retail locations.



Lyondell buys out Texas refinery partner

Purchasing Citgo's 41.25% stake of Houston Ship Channel facility for $2.1 billion.

August 17 2006: 3:45 AM EDT

SAN FRANCISCO (Dow Jones) -- Lyondell Chemical Co. said late Wednesday it bought out Citgo Petroleum Corp.' s stake in the Lyondell-Citgo refinery, a giant 268,000 barrel-per-day facility on the Houston Ship Channel, for $2.1 billion .

Citgo, a wholly-owned subsidiary of Venezuela' s national oil company Petroleos de Venezuela S.A. (PDVSA) since 1990, held a 41.25% stake in the joint refining venture.



CORRECTED-FACTBOX-Asset sales by Venezuela's Citgo

Wed Sep 2, 2009 11:41am EDT

 

Corrects to show Citgo no longer has share in Colonial and

Explorer pipelines)

CARACAS, Sept 1 (Reuters) - Venezuela's state oil company

PDVSA has been progressively selling off "nonessential" assets

belonging to its U.S. refining unit Citgo.

A draft of Citgo's 2008 audited financial results, which have

not been released to the public but were seen by Reuters, lists

the value of the assets the company has sold in recent years.

In 2006, Citgo began its sell-off with the sale of its share

of a refinery it owned with Lyondell Chemical Co for $1.3 billion

and by ending its association with 3,000 gas stations.

Following are the details of the sales:

Asset Date Value Profit

Colonial and Explorer pipelines Feb 2007 $756 mln $741 mln

Pipeline and 4 related terminals Oct 2007 $248 mln $207 mln

Wholly owned terminal Jan 2008 $12 mln $10 mln

Citgo Asphalt Mar 2008 $802 mln $394 mln

TOTAL $1.818 bln $1.352bln

NOTES

* Citgo had a 6 percent participation in Explorer and a 15.8

percent participation in Colonial, the two largest pipelines in

the United States.

* The company still owns a share of 43 terminals in the United

States.

* Its Citgo Asphalt unit was sold outright, including inventories

and two refineries in New Jersey and Georgia with a combined

capacity of 104,000 barrels per day. The buyer was Nustar Asphalt

Refining.

* In its 2008 accounts, Citgo said it was looking to sell a

lubricants plant at its Lake Charles, Louisiana, refinery for $96

million and a terminal it shares with Shell in Kentucky for $1

million.

(Source: Citgo's 2008 audited financial results)



Bahamas Oil Refining Company International Limited (BORCO) is a Bahamian Company owning and operating oil storage, fuel blending and marine facilities at Freeport, Grand Bahama. The said marine nominated facilities are intended for the use of vessels nominated by BORCO's owners, their affiliated companies and 3rd party customers.

BORCO was constructed over the period 1968 to 1975 on 390 acres of developed land of a total 565.2 acres.

It began operation in November 1970.  The refinery permanently shut down in 1985, operating as an independent storage terminal after that date.

BORCO's total installed storage capacity is 19.5 million barrels distributed in 77 tanks of different sizes.  The operation storage capacity on January 31st, 1998 was 10.5 million barrels (32) tanks, 5.5 million barrels are in crude services, 3.8 million barrels for fuel oil and 1.2 million barrels for distillates & gasoline.

In 1990, Petroleos de Venezuela, S.A (PDVSA), a state owned oil company of Venezuela purchased Borco from Chevron.   Today, Borco is trading as Bahamas Oil Refining Company International Limited as a 20 million barrel crude and product storage, blending, bunkering and transshipment terminal.

BORCO Terminal ranks as one of the largest terminals in the world in terms of barrels handled, number of ships and summer deadweight tonnage (SDWT) capacity.



Vopak and First Reserve Corporation Announce Completion of BORCO Oil Storage Terminal Acquisition

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London, UK, and Rotterdam, the Netherlands, April 29, 2008

Vopak and First Reserve Corporation today announced the completion of the acquisition of the Bahamas Oil Refining Company (BORCO) oil storage terminal in Freeport, Bahamas. The equity value of the new company amounted to $550 million, split 80%-20% between affiliates of First Reserve Fund XI, L.P. and Vopak, respectively. The acquisition was financed in part by a senior secured credit facility fully underwritten by ABN AMRO Bank N.V. and DnB Nor Bank ASA, and received all regulatory approvals from the Government of the Bahamas. Full terms of the transaction were not disclosed.

In February 2008, First Reserve announced its intention to acquire the facility and form a strategic joint venture with Vopak to operate the terminal, which will be renamed Vopak Terminal Bahamas, and which will be operated as an integral part of the Vopak global network.

Vopak Terminal Bahamas is an independent storage terminal with a capacity of three-million cubic meters, or 20 million barrels, with the possibility of expansion up to five million cubic meters for the storage and handling of crude oil, fuel oil and clean petroleum products.  In addition, Vopak Terminal Bahamas offers blending, transhipment and bunkering services. The terminal is located in Freeport, Bahamas, just 80 miles of the coast of Florida, and is the largest storage terminal in the Carribean.



accessed Sep 3 2009

HOVENSA, a joint venture between a subsidiary of Hess Corporation and a subsidiary of Petroleos de Venezuela, S.A. (PDVSA) operates a world-class merchant refinery in St Croix, USVI. The facility is one of the most modern refineries in the United States and, with crude oil processing capacity of 495,000 barrels per day (BPD), is one of the largest in the world.

The refinery is strategically located to serve gasoline and heating oil markets in both the U.S. Gulf Coast and along the eastern seaboard, providing a ready market for finished products. The refinery is capable of receiving and processing crudes from all over the world, although the majority of crude is supplied from Venezuela.

Curacao rules against PDVSA refinery emissions

Thu May 28, 2009 11:03pm EDT

WILLEMSTAD (Reuters) - A refinery on Curacao operated by Venezuela's state oil company is damaging people's health and must cut emissions or face multi-million dollar fines, a court on the Caribbean island ruled on Thursday.

PDVSA said Isla, which it leases from Curacao and is trying to buy, was not the only polluter on the island of 130,000 people located 40 miles off the Venezuelan coast.

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