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Refineria di Aruba N.V. Announces: Notice Received by Citgo Aruba Refinery (CAR) About a Slowdown in the Aruba Refinery Project

Oranjestad – Aruba, February 21, 2018: Tuesday afternoon, Mr. James Cristman—Vice President of Refining for Citgo Petroleum, announced a slowdown in the rehabilitation project of the refinery. The reason for this is based on the sanctions that the Office of Foreign Assets Control (OFAC)—from the U.S. Treasury Department, has on PDV Holding which prevents additional financing for this project. Refineria di Aruba N.V. (RdA) has shown Citgo their concern since last year regarding the progress of the rehabilitation, and the halt on the financing due to these sanctions. Citgo guaranteed that they’ll be in
contact with OFAC and have requested cooperation from the Government of Aruba. This slowdown will affect the employment of local and foreign contractors. Local refinery workers directly employed by Citgo Aruba Refinery will not be jeopardized by this slowdown. It is of significant importance that the Government of Aruba, Citgo Aruba Refinery (CAR) and Refineria di Aruba N.V. (RdA) work together towards a positive solution for the welfare of Aruba.

Furthermore, it is important to mention that this slowdown will have no influence on the operations of Fuels Marketing & Supply Aruba N.V. (FMSA), nor will it have an effect on the gas stations. FMSA is the main distributor of petroleum products on our island—and supplies gas stations, local companies, WEB Aruba N.V. and the airport, with Gasoline, Diesel, Fuel Oil and Jet Fuel. RdA is the sole proprietor of the refinery lands, and as such will announce any novelties as these become known.

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