CITGO outlines plans to replace supply.
HOVENSA has announced the permanent closure of its refinery located in St. Croix, U.S. Virgin Islands, a joint venture between Petróleos de Venezuela, S.A. (PDVSA) and Hess Corp.
CITGO has a supply off-take agreement with HOVENSA and has developed plans to replace this supply. These well-defined plans are designed to fulfill CITGO’s obligations to its customers in full support of its CITGO brand and its programs. Plans include a variety of options to prevent disruptions to the supply chain.
“At CITGO, building upon the combined support of our U.S. refining might with a capacity of approximately 749,000 barrels per day, one of the most extensive terminal networks in the U.S., and an experienced and talented Supply and Marketing team, we are well-positioned to supply the marketplace with the fuel it needs,” the company said. “While we will be acquiring product from alternate sources and deploying alternative logistical methods to ensure supply, we are committed to fulfilling the obligations we have to our customers and remain competitive while doing so.”