Motiva drops out of Curacao refinery talks
Petroleumworld 02 05 2019
Saudi Arabia´s US refining company Motiva Enterprises has dropped out of talks to operate Curacao's 335,000 b/d Isla refinery that is currently run by Venezuela's state-owned PdV.
Curacao state-owned refinery company RdK said the "preferred bidder", previously confirmed by market participants as Motiva , decided not to continue the negotiations. RdK said it would continue the process of identifying a refining partner.
The collapse of the talks is a blow to Dutch-controlled Curacao, which has long been seeking a new operator to revive the century-old refinery that employs some 2,000 people on the island. RdK wanted Motiva to adopt an "early step-in" to restore the refinery operations even before PdV's long-term lease expires in December 2019, with an initial deal to be signed by the two parties at the end of last month.
The facility barely operated last year because of a lack of feedstock, maintenance and domestic utility services. Isla recently restarted operations but at a very low level.
The distressed Venezuelan company, which was recently placed under US oil sanctions, continues to use the Bullen Bay terminal on the island for export logistics and storage. Oil cargoes bought by PdV often pass through the deepwater port on their way to Cuba, a close Venezuelan ally.
The Houston office of Motiva has not commented on the talks.
Motiva, which is wholly owned by state-owned Saudi Refining, a unit of Saudi Aramco, owns the largest US refinery, the 630,000 b/d Port Arthur facility in Texas on the US Gulf coast.
We invite you to join us as a sponsor.
Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.
Story from Argus Media.
argusmedia.com 02 05 2019
Hit your target - Advertise with us
PW 300.000 plus request per week
Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.
We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.
Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.
Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to email@example.com
By using this link, you agree to allow PW
to publish your comments on our letters page.
Any question or suggestions,
please write to: firstname.lastname@example.org
Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels