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RE: Valero talks with PetroChina & Baidu sell Aruba

Home Forums Coking News: DCU, Upgrader 1.Coker (registered users only) Valero talks with PetroChina & others sell Aruba RE: Valero talks with PetroChina & Baidu sell Aruba

#5852

Humberto De Castro
Participant

Mr. Randall,
The people of Aruba and the Government are getting desperate in my opinion as the refinery has been “shutdown” since September 11 2009 and still no deal has been reached, also due to the lack of information us “locals” have. A lot of political promises were made by the current party in power and the party before in terms of reaching an agreement before last years election.
Up until now, the only information us “locals” have received is that Petrochina is in talks to purchase the operations from Valero and that there are some other interested parties that want to remain unidentified. A couple of months back a company by the name of “Arevenca” was rumored to be interested in purchasing the refinery in Aruba and Curacao and there were also rumors of a local investment group interested in the operations.
The refinery in Aruba is going into it’s 5 month of inactivity in terms of any projects being awarded to contractors, excluding the Power House #3 Project which will be completed in the coming months.
Valero has not laid off any employees from their workforce in Aruba, but has “shutdown” any refining activity. Obviously this means that operational costs are higher then the revenues and for a company wanting to sell its assets to get a stronger cash position, this move is a bit confusing. In my opinion, Valero is either waiting for the market to balance itself out again until the desirable discounts on the Maya &Venezuela Crude can be obtained and restart operations or they believe that it is more attractable to maintain the refinery with its workforce in order to reach an agreement. The only current source of income Valero Aruba has is its marketing and distribution of jet fuel, diesel and gasoline products on the island which is controlled by the company.

In regards to the misinformation giving by the local “reporter”, I want to inform you that it was done on a local radio station claiming to have spoken to you via telephone and even had a recording of the conversation. That is how I was able to find this thread as he publicly stated your name and referenced this website in his claim. I have strong ties to the refinery and to me it is irresponsible that an individual is making false statements using other people’s information and especially misinterpreting them and giving the local population false hope.

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