To: Paleo Conservative
Also, Venezuela has a major interest in at least one refinery in the US (which is specifically designed to process heavy Venezuelan crude) and a significant retail franchise (Citgo, I believe), so it would be even more costly for Venezuela to walk away from the US market. Doesn't mean it won't happen, but it would make no economic sense to do so.
32 posted on
07/24/2006 10:35:32 AM PDT by
labard1
To: labard1
VZ is busy closing its Citgo franchises. They recently announced closings in several Midwestern states (and possibly Connecticut, IIRC).
46 posted on
07/24/2006 10:44:57 AM PDT by
livius
To: labard1
In addition to Venezuela owned Citgo, we also import distillates from Venezuela. Additionally, the HOVENSA refinery in the Virgin Islands is co-owned by Venesuela. This refinery, is dedicated to US demand.
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