Venezuelan refiner Citgo reports profit of $157 million with increased crude oil processing

In contrast, the same period last year recorded a loss of $82 million. This turnaround in performance was driven by a significant increase in the utilization rate of its daily processing capacity of 829,000 barrels. Currently, Citgo is facing a court-authorized auction of its parent company in the United States to repay tens of billions of dollars in debt to creditors related to Venezuela. In this quarter, Citgo's total refinery throughput reached 851,000 barrels per day, with crude oil processing hitting a record 819,000 barrels per day, and the average crude oil utilization rate of its three refineries reached as high as 99%. Expand