2. Diversifying crude oil supply sources
This approach involves several steps and strategic considerations that would help CITGO remain competitive and efficient in a challenging economic and political environment.
The intention is to import most of the oil from Venezuela, reducing the supply of local crude oil and oil from other countries. At the same time, new opportunities are being explored in international markets to satisfy the growing demand for products produced by CITGO.
Invest in technology and upgrades that enable refineries to process a wider range of crude oil types, and improve operational efficiency and sustainability in refining operations.
Use financial instruments to manage oil price risk, ensuring certain financial stability and verifying strict compliance with international regulations and sanctions.
By establishing strategic alliances with petrochemical industries, CITGO can increase its refining margin, and therefore its profits and competitiveness, by improving access to alternative crude and sharing best practices and technologies.
To diversify crude oil sources and position CITGO as a leader in innovation, sustainability, and adaptability, we seek to invest in advanced technologies that reduce greenhouse gas emissions and facilitate the production of clean fuels.
Learn about other PDVSA Ad Hoc strategies
