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By Erwin Seba
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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