TASCO’s executive declared that the company has plenty of crude oil for its refinery in Malaysia until the second quarter of 2021, while seeking a new plant to replace the plant in Venezuela.
Mr. Chiwat Srivalwat, Chief Executive Officer of Tipco Asphalt Public Company Limited (TASCO), stated that the wind down of crude procurement in Venezuela did not lead to a closure of its refinery in Malaysia as the plant has plenty of crude for refinery until the end of 2Q21.
He also added that the company is in the process of selecting a replacement and/or feedstock.
The statement came after the company officially announced that the company has completed its wind down of crude procurement from Venezuela per the request of the U.S. State Department, made in September 2020.
In addition, the refinery in Kemaman, Malaysia is specifically designed to refine heavy crude oil from Venezuela. Since its commissioning in 20019, 90% of the refinery’s feedstock was sourced from Venezuela.