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Exxon Mobil and Venezuela’s national oil company, Petróleos de Venezuela SA, have ended their business partnership and will sell the refinery they co-own in Louisiana.
The refinery will go to PBF Energy Inc., which is based in New Jersey. PBF is buying the refinery in Chalmette, which is about 10 miles from New Orleans, for $322 million.
The deal also spells the end for PdVSA’s ventures with Exxon Mobil Corp. Jesus Luongo, vice president of refining for PdVSA, said that the plant in Louisiana was no longer “aligned with the commercial policies of the company and the country.”
Venezuela is known as one of the world’s largest producers of oil and gasoline. Theirs is also the cheapest in the world.
In January, gasoline in Venezuela was available for just 0.2 cents per gallon, which equates to paying one U.S. dollar for 482 gallons of gas. Gas prices in Venezuela were stagnant since the late 1980s, and it was only this year that the government considered raising the cost per gallon for consumers.
Although the country will not longer have access to the Chalmette refinery, production will still go on at the plant. The refinery can process as much as 189,000 barrels of crude oil per day, most of which comes from Louisiana’s coast or Venezuela.
PBF also runs three other refineries in the United States. With the fourth in Louisiana, the company will refine more than 725,000 barrels of crude oil per day.
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