SAN ANTONIO, April 24 The chairman of NuStar
Energy LP (NS.N), which operates U.S. pipelines and terminals,
on Thursday said there is no ceiling for the rising price of
"You take into consideration the weak dollar," NuStar
Chairman Bill Greehey, said after the company's annual
"Then you take into consideration that demand continues to
go up, primarily in China and India, we have a finite amount of
reserves, so at some point, it will continue to get tighter and
tighter in supply, and demand is going to continue to go up. I
don't know where the top is," he said.
When asked whether crude oil prices of $130 to $140 per
barrel were within reach, Greehey said, "absolutely."
Crude oil futures on the New York Mercantile Exchange set
an intraday record of $119.90 on Tuesday.
The company's chief executive officer also said the
company's purchase of two asphalt refineries from Citgo
Petroleum Corp, the U.S. subsidiary of Venezuelan state oil
company PDVSA left it well positioned.
"Looking at that segment, it's a segment that other
refiners don't want to deal with, it's a byproduct to them, for
us it's a focus. That focus will bring us profitability," CEO
Curt Anastasio said.
NuStar also predicted a 'long term relationship' with
Venezuela, to supply low grade petroleum for its asphalt
NuStar was spun off last year from leading U.S. refiner
Valero Energy Corp (VLO.N).
(Reporting by Jim Forsyth in San Antonio; Editing by