Citgo Petroleum has signed a memorandum of understanding with the government of Aruba to explore reopening the island’s 235,000-barrel-per-day refinery, Reuters reports. The refinery was idled in 2012 due to low margins and has since been used as an oil storage terminal.
Valero, which purchased the refinery in 2004, said it has been working with Aruba’s government to explore various options for the site. Citgo and its parent company PDVSA could use the refinery to produce heavy naphtha, which is used by Venezuela as a diluent, Reuters notes.
