PdV report: Refineries below 10pc nameplate

Venezuela state-owned PdV has shuttered over 90pc of its domestic refining operations because of unstable electricity supplies, local crude shortages, scarce feedstock imports and inoperative processing units.

The 940,000 b/d CRP refining complex, which includes the 635,000 Amuay refinery and 305,000 b/d Cardon refinery, currently is processing 100,000 b/d or 10.6pc of its nameplate capacity, according to an internal PdV report obtained by Argus.

Amuay refinery was producing 100,000 b/d as of 1 May, and Cardon refinery was shut down completely, the report said.

PdV's 140,000 b/d El Palito refinery in Carabobo state and the 190,000 b/d Puerto La Cruz refinery in Anzoategui state are also shuttered completely.

El Palito refinery has been out of service for over a year, and the Puerto La Cruz refinery's modernization project has stalled for lack of funds.

Two workers at El Palito refinery said that PdV is "dismantling some heavy equipment" that is earmarked for reinstallation in processing units out of service currently at Amuay, Cardon and Puerto La Cruz.