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Title : Venezuela Suspends Its Crown Jewel In The US -- January 24, 2019
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Venezuela Suspends Its Crown Jewel In The US -- January 24, 2019

There may be a reason the president quickly moved to tweet that he was postponing the SOTU address to Congress.

Funeral arrangements for a Supreme Court justice?

I digress.

From oilprice:

Venezuelan PDVSA’s crown jewel, U.S.-based refiner Citgo, has idled a gasoline production unit at a small refinery in Corpus Christi, Texas.

The sources said the closure had been motivated by economic reasons, since the unit was not making any profit, while Citgo itself said in a regulatory filing it had idled the unit for “non-operational reasons.”

Citgo has been running its refineries at lower than usual rates as a result of lack of spare parts, underinvestment, and low flows of light crude that refineries need to mix with Venezuelan heavy crude to produce fuels and other products.

Citgo has been in the spotlight recently as the only profitable unit of the troubled Venezuelan oil company, which a Canadian miner is seeking to take control of in lieu of financial compensation for the forced nationalization of its operations in Venezuela by the late Hugo Chavez’ government.

Okay, so this was Venezuela's "crown jewel" and it was not making any profit. Am I missing something here?

http://bit.ly/2dZyQXu

Thus Article Venezuela Suspends Its Crown Jewel In The US -- January 24, 2019

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