venzeuala refinery shut down undergoing maintenance for 6 years?

[Rodent + 1,424]

https://www.reuters.com/article/us-conocophillips-pdvsa-citgo/conoco-aims-to-seize-oil-cargoes-near-citgos-aruba-terminal-idUSKCN1IG30J?rpc=401&

this story mentions Citgo's Aruba refinery has been down since 2012 for maintenance (described here as a major overhaul). To the best of my knowledge, not much maintenance going on here, particularly because Citgo can't get financing to do anything thanks to sanctions. But idling a refinery since 2012 must be particularly painful. Of course, that's assuming Citgo has any crude oil to refine these days. 

How much longer can PDVSA hold on?

[Tom Kirkman + 8,860]

5 hours ago, Rodent said:

How much longer can PDVSA hold on?

Unfortunately, I tend to think that PDVSA may eventually either go bankrupt, or be taken over and chopped up into bits and pieces by its creditors, such as China, Russia (and maybe Conoco).

[Bhimsen Pachawry + 72]

USA is trying desperately to get a regime change in Venezuela by imposing sanctions. Only time will tell if that works out

[Refman + 207]

On 5/16/2018 at 1:21 PM, Rodent said:

https://www.reuters.com/article/us-conocophillips-pdvsa-citgo/conoco-aims-to-seize-oil-cargoes-near-citgos-aruba-terminal-idUSKCN1IG30J?rpc=401&

this story mentions Citgo's Aruba refinery has been down since 2012 for maintenance (described here as a major overhaul). To the best of my knowledge, not much maintenance going on here, particularly because Citgo can't get financing to do anything thanks to sanctions. But idling a refinery since 2012 must be particularly painful. Of course, that's assuming Citgo has any crude oil to refine these days. 

How much longer can PDVSA hold on?

Valero mothballed the refinery in 2012 because it was not profitable, and ran the facility as an oil terminal after that, and eventually sold it to Citgo in 2016. The refinery has been undergoing restoration work ever since then to get it operational again. Personally I doubt it will run ever run again because PDVSA has been siphoning money out of Citgo for years, and they simply don't have the cash.

[Tom Kirkman + 8,860]

14 hours ago, Bhimsen Pachawry said:

USA is trying desperately to get a regime change in Venezuela by imposing sanctions. Only time will tell if that works out

Hugo Chavez desperately seized America's Conoco oil assets in the past.

And Karma is turning around and biting Venezuela's leadership in the a$$ for that illegal seizure.

Only time will tell how that works out.