SAN NICOLAS, Aruba, – June 15, 2017 – Officials from the Aruban government, CITGO Aruba Refining, Petroleos de Venezuela, S.A., and key technical partners held a signing ceremony of several important project agreements, including the Aruba Upgrader Project Main Contractor Service Agreement and the Bridge Loan Agreement, designed to streamline and expedite the refurbishing work planned for the Aruba refinery located in San Nicolas, Aruba.
The Aruba Upgrader Project Main Contractor Service Agreement is intended to provide qualified engineering, procurement, project management, and subcontracting services required for the full refurbishment scope of work for the Aruba Refinery. This agreement will allow for the hiring of local employees and local service providers. The agreement will be executed between CITGO Aruba, on one hand, and technical service providers Technip France and Y&V Ingeniería y Construction as a consortium, on the other hand.
The Bridge Loan Agreement is devised to provide financing for services to be provided under the Aruba Upgrader Project Main Contractor Service Agreement. The proceeds of this loan will be fully used to refurbish the refinery according to the project plans established by CITGO last year, which work towards a completion plan that will make the refinery fully operational by the second-half of 2018.
“The signing of these agreements is an important step toward getting closer to restarting the refinery, as we intensify the inspection activities and gear up to launch refurbishment activities,” said Jose Pereira, acting President and CEO of CITGO Petroleum Corporation, and Director of CITGO Aruba Holding, LLC. “As we enter this next phase of the refurbishment process, the neighboring community can expect to see the increased activities at the refinery, which will translate into more employment opportunities for the Island in the upcoming months.”
In addition to the ceremony today, earlier this month, CITGO Aruba announced the construction of a 1,500-bed Man Camp that will house workers needed to support its refinery refurbishment project on the Island. Construction of the Man Camp is expected to positively impact the economy of the Island, by generating immediate local employment opportunities for its residents.
About CITGO Aruba Refining
CITGO Aruba Refining N.V. (CAR) is an Aruban company within a group of operating companies under PDV Holding, Inc., an indirect owner of CITGO Petroleum Corporation and subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. CAR is the current operator of the Aruba Refinery, located in San Nicolas, Aruba which is owned by Refineria di Aruba N.V. (RDA), an entity wholly-owned by the Government of Aruba.
About CITGO
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by CITGO Holding, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. For more information, visit www.CITGO.com.