The Aruban Government will take over the refinery from the previous operator and owner, Valero, which has shuttered the refinery in 2012.
The newly formed public company, "Refineria di Aruba", will own the refinery and will lease it to Citgo.
Although there remains a lot to be done, the agreement with Citgo concludes a period of intense negotiations and hard work by Aruba. It is the intention to upgrade the refinery to make it operate according to Aruba's environmental "green standards".
According to experts, the reopening will generate thousands of jobs for Aruba and a total contribution to the Islands' GDP by 5-10%.