TotalEnergies, Equinor exit Venezuela upgrading venture

TotalEnergies and Norway's state-controlled Equinor will exit a Venezuelan heavy-crude upgrading venture. Their stakes in the 190,000 b/d PetroCedeno facility will be transferred to state-owned PdV.

TotalEnergies said today that it took an exceptional capital loss of $1.38bn during the quarter as a result. Equinor confirmed the transaction but did not give financial details. The former held 30.3pc in PetroCedeno and the latter 9.7pc. PdV is now the sole owner.

The facility, which is at Venezuela's Jose port, has been shut since last year.

By Ben Winkley