Venezuela's oil refining slips 0.8% in 2012

Problems and operative failures in different refineries, including the explosion reported in Amuay refinery, northwestern Falcón state, in August 2012, are accountable for the setback (0.8%) recorded in the refining operations of state-run oil company Pdvsa in 2012.

According to the Central Bank of Venezuela (BCV), refining dropped 0.8% due to the accident reported in Amuay refinery, whose capacity accounts for 49.5% of the country's total refining capacity.

The BCV stated that the explosion in Amuay "led to the temporary suspension of the operations and an inter-annual drop of 2.9% of the value added of this activity throughout the third quarter."

Two months after the explosion, the refinery was processing only 330,000 barrels per day out of its full capacity (645,000).

Although major damage was not reported in processing units in the wake of the explosion, authorities admitted later that repairs in some plants were necessary.

etovar@eluniversal.com

Translated by Jhean Cabrera