NEWS
Oil   Refining  

Venezuela refinery runs shrink to 25pc: PdV data

Venezuelan state-owned PdV utilized less than a quarter of the nameplate processing capacity at its main oil refineries in July, reflecting a shrinking pool of domestic feedstock and chronic equipment breakdowns.

According to internal company data obtained by Argus, monthly average refinery throughputs fell steadily since January 2018 at five refineries: the 940,000 b/d CRP complex, which includes the 635,000 b/d Amuay and 305,000 b/d Cardon refineries; the 146,000 b/d El Palito; and the 190,000 b/d Puerto La Cruz refinery. The company data also encompasses the PdV-leased 220,000 b/d Isla refinery on the Dutch Caribbean island of Curacao.

In July, throughput at the four facilities averaged 348,000 b/d, compared with total design capacity of around 1.5mn b/d, equivalent to 23.2pc utilization. January 2018 throughput averaged 591,000 b/d, or 39.4pc of nameplate capacity.

The 2018 refining data is more striking when compared with 2017, when throughput averaged 641,000 b/d or 42.7pc of its design potential. The year-to-date average through July 2018 was just 460,000 b/d, or 30.6pc of nameplate.

All of the refineries are running at consistently low levels, but Puerto La Cruz was nearly shut down altogether in July. PdV has been struggling to restart an $8bn project to upgrade the refinery to process heavier crude, but the company has no capital to pay its contractors.

PdV´s lease on the Isla refinery expires in December 2019. Curacao´s government plans to award a contract as early as next week to a third party to help revive Isla´s operations in the face of PdV´s near-abandonment of the facility.

PdV's dwindling crude production and operational refining capacity is reflected in widespread shortages of gasoline, diesel and other oil products in the domestic market.

News No: 2330
Date: 2018/10/02 - 19:46
News Source: Argus Media

Venezuela refinery  PdV  oil products  Isla refinery 

Comments:

Leave a Comment:

   
   
   
 

US sanctions pull plug on Citgo Aruba project

A $1.1bn Venezuelan project to refurbish a mothballed refinery on the Dutch-controlled island of Aruba has derailed because of US sanctions on national oil company PdV.
 

Oil Market Forecasters Bearish on 2019

The three most closely watched oil market forecasters are all bracing for a significant upsurge in non-OPEC supply growth in 2019 but differ on the extent that global oil supply will outweigh demand.
 

India Advises Refiner to Avoid US System for Venezuela Crude Purchase

India has asked one buyer of Venezuelan oil to consider paying the South American nation’s national oil company PDVSA in a way that avoids the US financial system, an Indian government source said, after Washington imposed fresh sanctions on Venezuela last month.
 

Venezuela Courting India to Strengthen Oil Ties

Venezuela's oil minister is in New Delhi this week hoping to convince India's key refiners to buy more of its crude and forge closer ties as the South American nation finds itself internationally isolated after the US imposed crippling sanctions on state-owned PDVSA last month.
 

Venezuela Begins Gasoline Rationing

PDVSA began a partial rationing of gasoline at gas stations in certain areas of Venezuela, as many gas stations in Caracas ran out of fuel as customers nervously filled up their tanks in anticipation of shortages, sources said Tuesday.
 

Europeans Halt Venezuelan Crude Purchases

European buyers of the heavy crude produced by Venezuela’s PDVSA have put their purchases on hold in anticipation of sanctions against the government in Caracas to be announced by the European Union.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners