Citgo Petroleum is planning to invest $400 million to $600 million in upgrades to the Aruba refinery under a new lease with the island’s government, Reuters reports. The company signed an agreement earlier this month to restart the 235,000-barrel-per-day and operate it under a 25-year lease. Citgo said the refinery would be used as an upgrader for heavy oil from Venezuela’s Orinoco Belt.
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