Venezuela's oil refining slips 0.8% in 2012
The central bank asserted that the explosion reported in Amuay refinery brought about the setback in oil refining
Oil refining fell 2.9% in the third quarter of 2012 (Photo: Reuters)
ERNESTO J. TOVAR | EL UNIVERSAL
Monday January 07, 2013 12:19 PM
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.
Translated by Jhean Cabrera
Following a wave of nationalizations carried out by the late President Hugo Chavez between 2007 and 2012, Venezuela has become the second most frequent respondent to investment treaty arbitration in the world (38 cases in total), after Argentina.