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RE: Citgo sells stake in Houston refinery

Home Forums Refining Community Refinery News Citgo sells stake in Houston refinery RE: Citgo sells stake in Houston refinery

#7554

Anonymous

Both technically seem right.
Citgo puts refinery stake up for sale
By Tom Fowler
2006 Houston Chronicle
In filings with the Securities and Exchange Commission, Lyondell reported that from 2000 to 2004 the supply agreement was actually advantageous to the refinery because the price was below market prices. Since the fourth quarter of 2004 and throughout 2005, however, the agreement put its oil costs above market prices.
 
In a news release Tuesday, PDVSA said it provided oil at a price about $2.09 below market prices between 1994 and 2004, leading to losses of up to $705 million.

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