Increasing heavy crude oil supplies require major investments -- Granado
Mar 10, 2008
SAN DIEGO, March 10, 2008 - “The increasing supplies of heavy crude oil available in the Western Hemisphere, from deposits in Canada and Venezuela, and even from the Middle East, require large investments in upgrading units and refineries in order to meet demand and comply with environmental regulations,” Alejandro Granado, chairman, president and CEO of CITGO Petroleum Corporation said here today. CITGO and its ultimate parent,
Speaking to high level representatives from more than 70 energy companies, Granado discussed the world’s dependence on oil and the opportunities that
Granado also said that high production costs in the Gulf region make investments in the development of the Orinoco Oil Belt attractive. He noted that
Granado also reviewed the recent history of the Orinoco Oil Belt, highlighting the unfavorable conditions of the association agreements established in the nineties and the early part of the present decade. Because of those conditions,
Finally, the CITGO CEO noted that “since hydrocarbon fuels will continue to have an important role in the overall energy map, and the growth of alternative sources will not cover the increasing demand, a worldwide energy framework needs to be redefined. Meanwhile, reliable sources of oil and technology have to be considered jointly when thinking about future commitments, in order to ensure that we obtain the maximum value for a non-renewable resource for the well-being of society”.
CITGO, based in