Aruba, Citgo sign MOU to Explore Refinery Restart

Aruba's Energy Ministry said on Friday it has signed a memorandum of understanding with PDVSA's U.S. unit Citgo Petroleum to explore reopening and operating the island's refinery, idled since 2012.

The 235,000-barrel-per-day refinery was operated buy U.S. firm Valero Energy, but it closed because of low margins. Since then the facility has been used as a storage terminal.

"Citgo will send a group to evaluate the refinery technically and financially," Aruba's government said in a statement.

Because of its proximity to the Venezuelan coast, PDVSA and Aruba's government have had talks since 2012 about a purchase or an operating agreement, but without any success.

Reporting by Sailu Urribarri