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The Venezuelan National Oil Company May Close Three Domestic Refineries
Apr 09, 2018

The Venezuelan National Oil Company (PDVSA) may be forced to shut down three of its four refineries due to lack of raw materials and refiners, including the Cardon refinery with a capacity of 305,000 barrels per day, the EI Palito refinery with a capacity of 140,000 barrels per day and the Puerto La Cruz refinery with a capacity of 190,000 barrels per day. The sum of the capacities of these three refineries accounts for about half of the total refining capacity of PDVSA.

Reuters said PDVSA will also shut down the Petromonageas oil refinery joint venture with Russian Rosneft Petroleum Company in April under the name of maintenance. Most of Venezuela's refineries are old and forcing them to rely more on refined oil imports. However, for Venezuela, where cash flows are extremely lacking, the financing of imported oil products is becoming more and more difficult.

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