Amber Energy Says it Will Invest $11 Billion in Citgo if Sale is Finalized

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Citgo Refinery in Chicago, U.S.

HOUSTON, April 24 (Reuters) – Amber Energy CEO Greg Goff promised $11 billion in investments in Citgo ​Petroleum if the U.S. Treasury Department’s Office ‌of Foreign Assets Control releases the refiner owned by Venezuela to Amber as a Delaware judge approved in ​November.

Goff’s appeal for release of control to ​Amber came in an opinion column he ⁠wrote with Amber Chairman Paul Foster that appeared ​on the Wall Street Journal website on Thursday ​night.

  • Goff and Foster said $1 billion would be invested in adding 125,000 barrels per day in crude oil refining capacity ​at the 165,000-bpd Corpus Christi, Texas, refinery.
  • Another $500 ​million would go to expand coking capacity at the 188,023-bpd ‌Lemont, ⁠Illinois, refinery to boost diesel and asphalt output in the Midwest.
  • About $250 million would be spent expanding premium gasoline production capacity at Citgo’s 459,800-bpd Lake ​Charles, Louisiana, ​refinery.
  • Amber’s $5.9 billion ⁠purchase of PDV Holding, Citgo’s parent, is pending final approval. Amber is ​an affiliate of Elliott Investment Management.
  • Goff is ​a ⁠former vice chairman of Marathon Petroleum and former chief executive of independent refiner Andeavor, which was ⁠previously ​known as Tesoro. Foster is ​the founder and former executive chairman of Western Refining.

Reporting by Erwin ​Seba; Editing by Nathan Crooks and Nia Williams

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