Home › Forums › Coking › News: DCU, Upgrader › 3.Upgrader (registered users only) › Venezula pay XOM only $255 of $905 MM IOC award for Upgrader lawsuit › RE: Venezula pay XOM only $255 of $905 MM IOC award for Upgrader lawsuit
Here are Updates on ExxonMobil IOC award of $900 MM from PDVSA for Nationalization of its Cerro Negro Upgrader in 2007. Article indicates Venezuela has whittled it down to $255MM via arbitration. As reference XOM invested over $750MM in Upgrader project that came online in 2004 and did not recieve its agreeded upon share of oil from the project during the 2007-2011 period ……. so they seem to have very poor negoitators.
The now named Petromonagas (former Cerro Negro) became 83.3% owned by PDVSA and 16.7% TNK-BP after the 2007 Nationalization that sparked the COP & XOM lawsuits. Recently the Russian TNK-BP JV was awarded partnership with Brazil on HTP project partly based on its Venezuelan JV.
The bottom article indicates Petromonagas will be expanding the 2001 120MBD (105MBD Syncrude) Upgrader (60MBD 4 drum coker) to 145MBD in Mar/Apr 2012 during Maintenance.
The Upgrader fell to half capacity in Oct 2007 due to coke drum cracks but were repaired/replaced and was back to capacity by Mar 2008 and even increased production to 113.5MBD Syncrude (~16.5API).