Houston, February 29, 2020 – CITGO Aruba Holding (CAH), a subsidiary of PDV Holding, reached a transfer agreement with the Refineria di Aruba (RDA) in relation to the transfer of the operatorship of the San Nicolas Aruba Refinery.
This is the first action of a process that will end with the execution of the termination agreement of the Aruba Refinery Project to be executed by PDV Holding, Inc./CAH, and RDA/the Government of Aruba in the coming weeks after the Parliament of Aruba approves the termination. PDV Holding, Inc. and the Government of Aruba are terminating the agreement of the Aruba Refining Project on amicable terms.
CAH and the Government of Aruba have been in negotiations since April 2019 about the future of the San Nicolas Refinery, its Terminal, and Maritime Operations. In October 2019, the two parties signed a Memorandum of Understanding to suspend the contract and work towards a responsible and non-disruptive transition in operations.
The termination of the CAH contract does not impact the Government of Aruba’s contracts with CITGO Petroleum Corporation, which is a separate entity. CITGO Petroleum Corporation will continue to provide its product and services to all gas stations on the island, as well as continue to supply jet fuel to the Queen Beatrix International Airport.
PDV Holding and the Government of Aruba look forward to the development of future projects that will benefit the people of Aruba.