(Trinidad Express, 2.Nov.2023) — Decker Petroleum and Marketing Company Ltd (DPMCL), based in Trinidad and Tobago, has written the US District Court of Delaware officially expressing its interest in acquiring the asphalt assets of Venezuelan oil refiner Citgo.
In 2018, the US District Court of Delaware ordered PDV Holdings, the US subsidiary of Venezuelan state-owned oil company, Petróleos de Venezuela SA (PdVSA), to auction off Citgo to satisfy an arbitration award granted to a Canadian mining company, Crystallex.
On October 23, the distribution of marketing materials to potential buyers marked the formal beginning of the process to auction off Citgo.
In a letter dated October 25, DPMCL wrote the US District Court of Delaware with the subject “Expression of Interest to Purchase Citgo Asphalt Assets”.
“Decker Petroleum and Marketing Company Limited, head-quartered in Trinidad and Tobago, is involved in asphalt production and distribution across the Caribbean and South American regions. We are also engaged in exploration in Suriname, and participated in the bidding for onshore blocks in Trinidad. In addition, we are actively exploring opportunities in Uruguay and Jamaica for potential onshore blocks,” it stated.
DPMCL said it is also monitoring the ongoing sales process related to Citgo’s assets in North America. “In light of this, we wish to formally express our interest in potentially participating as a bidder for Citgo’s assets,” DPMCL stated.
DPMCL submitted a 45-page document to the court as a means of providing a “comprehensive understanding” of the company and its capabilities.
DPMCL was established in 1996 and is a privately owned company based in Trinidad and Tobago. The company’s core business activity is the manufacturing and marketing of asphalt and asphalt-related products for a local, regional and international clientele.
In 1990, DPMCL commissioned its Asphalt Emulsion Plant “having the capability of producing all grades of Anionic & Cationic Asphalt Emulsion. Our solvent blending facility which serves our cut back asphalt plant is capable of blending approximately 40 tonnes of solvent in 24 hours,” it stated. DPMCL said its affiliated company Ragoonath General Contracting Ltd has completed the construction and installation of its 50 tph Asphalt Hot Mix Plant.
“In 2013 we purchased our first asphalt tanker MV Power One having the capacity of 12,000 bbl’s per shipment and is used for transportation of raw material and finished products,” it stated.