Commodities and Futures News

Venezuela to begin 20-day maintenance at smallest refinery – oil minister

2024.02.05 14:48


© Reuters. FILE PHOTO: A common view of the headquarters of the Venezuelan oil firm PDVSA in Caracas, Venezuela July 21, 2016. REUTERS/Carlos Garcia Rawlins

By Tibisay Romero

YAGUA, Venezuela (Reuters) – Venezuela has obtained all of the components it wants to begin a maintenance program at the 146,000-barrel-per-day (bpd) El Palito refinery, with work anticipated to take about 20 days, oil minister Pedro Tellechea stated on Monday.

Venezuela’s state-run oil firm PDVSA in 2022 started receiving help from Iranian state companies to revamp its growing old refineries.

Oil ministers from each nations final week checked the state of joint tasks, together with the repairs at El Palito, Tellechea informed journalists throughout a tour of oil amenities.

El Palito, situated in Venezuela’s central area, is the smallest refinery in a 1.3-million-bpd-capability community that additionally consists of amenities in Paraguana and Puerto La Cruz.

Following a serious revamp at El Palito that was accomplished in 2023, Iran and Venezuela deliberate repairs at the biggest refining complicated, the 955,000-bpd Paraguana.

A last contract has not been signed and Tellechea didn’t elaborate on the plans.

The U.S. final month stated it might reimpose oil and gasoline sanctions on Venezuela in April except Caracas lifted a ban on a number one opposition determine from working in presidential elections this 12 months and complied with different situations it dedicated to by an electoral pact signed final 12 months.

“We are not looking for a conflict,” stated Tellechea, including that Venezuela has requested for 100% of the sanctions in place to be lifted.

Venezuela, he stated, had wholesome inventories of domestically-produced gas to keep away from a shortage of gasoline or diesel whereas El Palito suspends operations throughout maintenance.

PDVSA in January boosted imports of gasoline and naphtha, primarily from the United States. It additionally obtained a cargo of Russia-origin diesel, in accordance to LSEG tanker monitoring information.

The firm additionally expects to full this 12 months the import of up to 600 gas vehicles to replenish its fleet, the minister stated.

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