Venezuela’s PDVSA plans to invest $24bn in refining by 2019

31 May 2013 23:57  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos de Venezuela (PDVSA) plans to invest around $24bn (€18bn) in refining projects between 2013 and 2019, the state oil firm said on Friday.

The investment programme will include $9bn earmarked for major projects at the 955,000 bbl/day Paraguana Refining Complex (CRP) in the northwestern state of Falcon, the company said.

A further $800m would be spent over the next six years on plant turnarounds at the complex and $150m in routine maintenance, it added.

The plans, which are expected to involve the participation of the private sector, aim to address ongoing problems at the country’s refinery network that have limited production and led to a huge rise in fuel imports.

Venezuela imported last year an average of 66,000 bbl/day of gasoline and naphtha from the US alone, according to data from the US Energy Information Administration (EIA).

PDVSA also revealed plans this week to activate its first petrochemical plant at the CRP in 2018.

The plant will capitalize on oil-based feedstock from the CRP’s integrated refinery system, which includes the Amuay, Cardon and Bajo Grande refineries, PDVSA said.

The project will be developed by Propilsur – a joint venture between Pequiven, the petrochemical arm of PDVSA, and Brazilian polymers major Braskem.

($1 = €0.77)

By: Simon West

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