“..Ugh…. Didn’t know how heavy theirs is. That’s going to create more problems than it solves. This sounds like a Venezuela bail out for their corruptocrats....”
Yeah. It’s a very heavy crude.
As far as I know, there are only two refineries in the US that can handle the stuff: both Citgo, one in Lake Charles, LA and the other in Corpus Christie, TX. There may be one or two others around Houston maybe, but that’s it.
And after the way the U.S. companies were beaten in Venezuela when they communized/nationalized, I’m verrrrrry surprised that Chevron wants anything to do with down there.....unless it’s completely backed up by the U.S. government somehow. There’s no way a sane oil company is gonna go back in there under the existing conditions.
Chevron wants to replace Occidental Petroleum and Armand Hammer as the Marxists favored oil investors. Leave it to a California operation to play footsie with despots.
“As far as I know, there are only two refineries in the US that can handle the stuff: both Citgo, one in Lake Charles, LA and the other in Corpus Christie, TX. There may be one or two others around Houston maybe, but that’s it.”
Refineries in the US are optimized to handle a mixture of light and heavy crude.
Believe you can add Pascagoula to that list. And it’s closer than Lake Charles and Corpus Christi