Citgo Petroleum Corp. is evaluating an upgrade to the Aruba refinery that would allow it to process heavy oil from Venezuela’s Orinoco belt, Bloomberg reports. The company is reportedly in talks with the Aruba government on a plan to lease the refinery. Analysts say the move could be a way for Citgo parent company PDVSA to process heavy crude without taking on the expense of building its own upgrading capacity. An Aruba official said a deal is expected by the end of March.
Citgo has recently begun working to restart some units at the refinery, which was idled in 2012 due to low margins.
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