PdV restarts MTBE plant for domestic supply

Market: Crude oil
27/02/24

Venezuelan state-owned oil firm PdV has restarted a unit that produces MTBE at its Jose complex in Anzoategui state for the first time in five years, the company said.

The oxygenate will be used "to optimize the octane rating of the gasoline distributed in Venezuela," PdV president and energy minister Pedro Tellechea said on social media on Monday. Years of underinvestment in refinery maintenance in Venezuela has led to periodic gasoline shortages.

The Super Octanos unit, with a nameplate capacity of 600,000 t/yr, had produced MTBE only for the domestic market for many years. It stopped operations after former US president Donald Trump began imposing comprehensive sanctions on Venezuela's oil industry five years ago, which also cut off imports of MTBE from the US.

Venezuela imported 562,750 metric tons (t) of MTBE from the US in 2014, but this fell to 30,703 t in 2019 before the flow dried up because of the sanctions in 2020.

By Carlos Camacho

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

06/02/25

Crude Summit: US to remain top crude producer

Houston, 6 February (Argus) — The US is likely to remain the world's top crude producer for some time to come, according to shale executives at the Argus Global Crude Summit Americas in Houston, Texas, today. "In the foreseeable future, I don't really see a lot of change," said Shannon Flowers, director of crude and water marketing at Coterra Energy. There is still enough high-quality acreage to go after, while efficiency gains around faster drilling times and targeting longer wells are also helping to drive output gains. "There's a lot of creativity that goes on in trying to understand how we can do more with less," Flowers said today at the event. While the rig count is down 20pc over the last two years, production has grown by more than 1mn b/d. "Doing more with less is kind of a common theme," Flowers said in reference to operations at Coterra and across the industry. "I expect that to continue." While the Permian has dominated all the attention of late, the offshore Gulf of Mexico is likely to be an important driver of output going forward, with several projects starting up this year. Other regions such as the Rockies, Wyoming and possibly Utah could also see some growth. A recent round of mergers and acquisitions that saw $300bn of upstream oil and gas deals inked has further to run, says John Argo, vice president for the Williston Basin at Continental Resources. "There will continue to be more consolidation," Argo said. Scarcity with regard to remaining high-quality acreage means that valuations will continue to climb, he said. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more

News

Crude Summit: Asset-backed oil trades on the rise

06/02/25

News

06/02/25

Crude Summit: Asset-backed oil trades on the rise

Houston, 6 February (Argus) — Asset-backed trading is becoming commonplace in the oil industry as companies up and down the supply chain bring capabilities in-house, delegates heard at the Argus Global Crude Summit Americas in Houston, Texas, today. "Traditionally, long term hedging was popular, and it still is, but in general we've seen a move towards the front end of the curve," said CME Group's managing director and global head of energy and environmental products Peter Keavey. "The risks are really in the prompt," said Keavy. "We're seeing a lot of hedging in the short term [and] that also is reflective of asset-based optimization." HC Group managing partner Paul Chapman has also noticed a continued shift in trading by banks, which either exited or scaled down operations in 2014 and 2015, to those directly in the industry. "I would argue that pretty much every single business around the world — producer, miner, refiner, retailer of fuels and major — is on some spectrum of developing some asset trading," said Chapman. "And it's driven by a need to capture more margin." Changing trade flows have naturally had a bearing on who becomes more involved in individual markets. "Over the past five years, European players have more and more exposure to US molecules, whether it be crude oil or natural gas," said Keavey, which has driven the growth of trade of WTI, RBOB, gasoline, and heating oil in international markets. Changing energy policy, and policies to reach other political objectives, have a tendency to shape energy flows, whether they are intended or not, the speakers said. The Russian-Ukraine conflict is a prime example, and there are clear signs that US president Donald Trump's second term in office will do the same. "As this world gets more shaped by trade wars and there's more and more government intervention, that itself starts to break down some of the fundamentals of how some of these markets work," said Chapman. Keavey expects Canadian crude to continue to flow even under a Canada-US trade war, but "the question is, what disruption happens to the pricing?" By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Crude Summit: Discipline still reigns in US upstream

06/02/25

News

06/02/25

Crude Summit: Discipline still reigns in US upstream

Houston, 6 February (Argus) — Spending restraint remains the guiding force for the US upstream sector, according to Jesse Thompson, senior business economist at the Federal Bank of Dallas. "The industry is playing it very cautiously," Thompson said today at the Argus Global Crude Summit Americas in Houston, Texas. "Capital discipline is still very much the order of the day." What has surprised many is that output keeps going up, despite the fact that the rig count continues to retreat. That can be attributed to productivity gains, such as the practice of speeding up drilling times, and targeting of longer lateral wells, with fewer people employed in the industry, he said. US crude production growth is seen ending this year up 200,000 b/d, compared with 300,000 b/d in 2024, Thompson said. Despite the perception by some that all the low-hanging fruit has already been picked and productivity gains will ease up, they continue to defy expectations. "And then every year they beat their own production numbers," Thompson said. Turning to the domestic economy, consumption growth is running above trend based on the latest data, Thompson said. And the consensus among forecasters is that GDP growth is seen around 2pc this year. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Amos to buy Sinopec Venezuelan oil, gas assets

06/02/25

News

06/02/25

Amos to buy Sinopec Venezuelan oil, gas assets

Caracas, 6 February (Argus) — US upstream start-up Amos Global Energy Management has agreed to buy some of Chinese Sinopec's oil and natural gas interests in Venezuela with an eye on US sanctions eventually easing there, the Houston-based firm said. Venezuela's state-owned PdV is the majority owner of the stake to be sold, which is part of the PetroParia joint venture with Sinopec in the Gulf of Paria. "Sinopec did not develop it better because of clashes with PdV management, but the potential to export gas to Trinidad and Tobago from the property is clear", Maracaibo-based analyst ChemStrategy said. Trinidad and Tobago has discussed developing gas fields that straddle its border with Venezuela to stem its downturn in production. But US sanctions on Venezuela's crude sector have slowed progress, and the administration of President Donald Trump has not indicated that it will change course . Amos "believes that this purchase will ultimately bring the investments needed to develop oil and gas production opportunities" there and in other nearby properties, including in a previous agreement in the same Gulf of Paria with Inepetrol. PdV officials and pro-Maduro lawmakers in Caracas said they were aware of the plan but declined to offer additional details. Amos has been seeking capital and arming agreements to be "prepared to increase Venezuelan production when existing sanctions are lifted." Amos is led by chief executive Ali Moshiri who retired as president of Chevron Africa and Latin America exploration and production in March 2017. Completion of the sale will require approval from the US Treasury's Office of Foreign Assets Control and the Venezuelan hydrocarbons ministry, Amos said. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

BP puts Gelsenkirchen refinery in Germany up for sale

06/02/25

News

06/02/25

BP puts Gelsenkirchen refinery in Germany up for sale

Hamburg, 6 February (Argus) — BP said today it will begin seeking buyers for its Ruhr Oel business, which includes the 257,800 b/d Gelsenkirchen refinery and an associated petrochemicals plant in western Germany. The UK company hopes to reach a sales agreement in 2025, although the exact timing will depend on approval of local competition authorities, it said. The sale should have no affect on short-term supply of oil products in western Germany as the refinery will keep up normal production in the interim, the company said in a press release. BP had said it planned to downsize Gelsenkirchen , shutting four unitsand reducing its crude capacity by a third. The shutdown of the affected units is scheduled for the end of the 2025 and will go ahead, BP told Argus . Potential buyers are not yet known. BP is the latest in a series of companies looking to sell or reduce their refinery shares in Germany. Shell is still searching for a buyer for its 37.5pc stake in the PCK consortium's 226,000 b/d Schwedt refinery, in eastern Germany, after a sale to UK energy firm Prax fell through in late December. Shell was also in discussions to sell its 32.25pc stake in the Miro's consortium's 310,000 b/d Karlsruhe refinery to czech company MERO CR in 2024, which did not result in a sales agreement. Shell is further on track to shut down the Wesseling plant at its 334,000 b/d Rhineland refinery complex. Russian state-controlled Rosneft intends to sell its German subsidiaries, Rosneft Deutschland and RN Refining & Marketing, which are held under the trusteeship of the Federal Network Agency. These assets include a controlling stake in the PCK joint venture, a 24pc share in the Miro's consortium and a 28.6pc share in the Bayernoil joint venture, operator of the 207,000 b/d Neustadt-Vohburg refinery in Bavaria. ExxonMobil announced its intention to sell its 25pc stake in the Karlsruhe refinery to Austria's Alcmene, a subsidiary of Estonia's Liwathon, in 2023. The sale fell through in July 2024 after a German court upheld a ruling banning the company from selling its stakes in the Miro consortium following an injunction filed by Shell. BP also operates the 95,000 b/d Lingen refinery in western Germany. This is unaffected by the sale plan for Gelsenkirchen. By Natalie Müller Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more