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Last updated on April 18, 2014 at 16:49 EDT

Valero Restarts Production in Aruba

June 4, 2010

ORANJESTAD, Aruba, June 4, 2010 /PRNewswire/ — The Texan oil concern
Valero decided on Thursday to restart its refinery on the Caribbean island
Aruba.

The production process was halted in July 2009 due to, among others, a
conflict with the former government of Aruba about tax issues. About 4,000
Arubans lost their jobs when the refinery was closed down .

The new government, led by Prime Minister Mike Eman, immediately after
its installation took steps to find possible take-over or joint venture
partners. Talks were held with Pemex (Mexico), PetroChina (China), Petrobras
(Brazil), PDVSA (Venezuela) and Rubiales (Colombia).

Parallel to these efforts, the Aruban Government worked out a package of
incentives to reinforce the refinery’s profitability. Those efforts have led
to Valero’s announcement today that the production process will be resumed
within three months.

Prime Minister Mike Eman: “With this proactive and solution oriented
approach Aruba shows that it is able to offer international companies a very
attractive investment climate.”

In its first six months in office, the new government has already booked
remarkable results. American Airlines, AirFrance-KLM and Cruise Lines have
resumed their service to Aruba. Now the reopening of the Valero Refinery can
be added to that success.

Permanent shutdown of the refinery would have more than doubled
unemployment on the island.

SOURCE Government of Aruba


Source: newswire