A few days ago our energetic MinEngery underwent a Catheterization, or in other words a look/see. Wikipedia educated me that Catheterization is a procedure used to diagnose and treat cardiovascular conditions. During Cardiac Catheterization, a long thin tube called a catheter is inserted in an artery or vein in your groin, neck or arm and threaded through your blood vessels to your heart. The procedure is performed to examine how well the heart works. If it works well, the Cardio-Vascular doctor says, thank you, it was nice meeting you. If they find anything wrong, they operate right there and then. Almost, he would have been air-ambulanced to a hospital in the area!
In the case of our MinEnergy they did not find anything wrong, because they did not operate, which means that the MinEnergy should be fully recovered today. But how is he going to stay away from stress?? How is he going to make life-style changes if he has to worry about Valero Energy Group? The practically bankrupt CITCO Venezuela? The non existing CITCO Aruba?
We were told, on various occasions, that Valero will transfer the assets to CITGO Aruba for $1. Then we were told by Standard & Poor that Valero will “transfer the facility and gasoline stations assets to the Aruban government in exchange for a relief in its contractual obligations regarding environmental contingencies and the dismantling of the refinery.” Now I read in AWE MAINTA that Valero demands 11 million dollars in tax benefits and cash, and I am wondering who is going to come up with the money, Venezuela is broke and Aruba is supposed to make money from the deal, not pay for the defunct, rusty, and crumbling ruin of a refinery.
No wonder the MinEnergy is stressed. Racing heart, irregular heart rate, palpitations, feelings that your heart may jump out of your chest, are scary, but normal in cases of emotional and psychological pressure. So please take good care, may I recommend yoga on the beach, breathing exercises, 8 hours of sleep every day, cut back on caffeine, drink plenty of water, stay away from conflict.
From a July 29th article, I reported on Valero:
LOOKS LIKE VALERO STILL HAS A DOG IN THE RACE. I got some interesting chatter from a friend from the USA regarding Valero’s”…ultimately transfer ownership of the refinery…,” an excerpted from Valero Q2 2016 8K report, and in says: In June 2016, the Government of Aruba (GOA) entered into definitive agreements with an unrelated third party that provide for such third party to lease the Aruba Refinery and Aruba Terminal from the GOA, restart and operate the Aruba Refinery, and operate the Aruba Terminal. Because of this development, we believe that it is more likely than not that we will ultimately transfer ownership of the Aruba Refinery and Aruba Terminal to the GOA and settle our obligations under various agreements with the GOA. Therefore, we evaluated the Aruba Terminal for potential impairment as of June 30, 2016 and concluded that it was impaired. We further determined that the Aruba Terminal’s carrying value of $56 million was not recoverable and we wrote off the entire amount, resulting in an asset impairment loss of $56 million related to our refining segment in the three and six months ended June 30, 2016. No income tax benefit was recorded for this asset impairment loss as we do not expect to realize a tax benefit.