Venezuela’s proposed sale of Citgo in the US, along with the company’s three refineries, is unlikely to provide a significant tonne-mile boost to the VLCC market, a shipping analyst says.
Any new owners of Citgo would continue to rely on heavy crude for efficient operation of the two US Gulf Coast facilities, which are configured for heavy crude and only make up 22% of the region’s crude imports from Venezuela, writes Makai Marine principal Jeff McGee in a note to clients.
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