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Fixed Point (Venezuela) (Reuters)

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State-owned companies in Iran and Venezuela will begin a 100-day overhaul of South America’s biggest refinery in the coming weeks to restore crude distillation capacity, four of the sources said.
Efforts by state-owned Petróleos de Venezuela and state-owned Iran Oil Refining and Distribution Company to increase fuel production at Paraguay’s distillation center are a step toward ending Venezuela’s dependence on US refineries, the sources said. technology.
Venezuela, which has the world’s largest crude oil reserves, has struggled in recent years to produce enough gasoline and diesel due to refinery failures, lack of investment and US sanctions that prevent imports. Long queues at gas stations have become commonplace since 2020. Tehran has strengthened ties with Caracas in recent years, supplying oil and condensate as well as spare parts and raw materials to Venezuela’s former network, which accounts for 1.3 million of barrels of oil per day. processing plants.
A unit of Iran’s National Petroleum Refining and Distribution Company signed a €110 million contract with Petróleos de Venezuela in May to refurbish Venezuela’s smallest 146,000 bpd El Palito refinery, which is currently in operation, the oil companies said. sources. In the coming weeks, the two companies are expected to sign a €460 million, 955,000 bpd contract to modernize the Paraguaná distillery complex on Venezuela’s west coast.

Source: Al Ittihad

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