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CARACAS, Monday November 18, 2013 | Update
 
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Venezuela's dependence on US fuel grows

Deteriorated oil refining facilities hit Venezuela

EL UNIVERSAL
Monday November 18, 2013  10:59 AM
Latin America's fuel purchases from the United States have doubled for five years in an attempt at keeping the economies on. Meanwhile, dependence grows despite the region's vast oil reserves.

In the case of Venezuela, in addition to delaying joint refining projects abroad, state-owned oil company Pdvsa has made no strides with the expansion of its internal refining network at 1.3 million barrels per day (bpd).

The oil giant has planned three new refineries for its portfolio, in addition to the expansion of two middle-sized units. However, Pdvsa has put off inauguration days. It now wants to add some 25,000 bpd to its capacity by 2015 and 140,000 bpd by 2016, Reuters informed.

Lack of maintenance and a huge explosion in Amuay refinery, northwest Venezuela, in 2012, limit Pdvsa's current processing rates.

Translated by Jhean Cabrera
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