Venezuela to expand oil refining capacity in US and Venezuela
Venezuela's Ambassador to the US outlined details of Venezuela's plans to expand oil refining capacity both in the
United States and in Venezuela. Ambassador Ignacio Arcaya spoke at the Institute of the Americas' forum on US Energy
Policy and Latin America. PdVSA already is a major investor in the US.
PdVSA owns 100 % of Tulsa-based CITGO Petroleum. PdVSA also is a joint venture partner with major US oil companies in
a number of US refineries.
"My country is planning significant investments in its refinery system; over the next six years, Venezuela will
invest several billion dollars to strengthen our refining capacity in the US and Venezuela," Arcaya said.
"Substantial resources will be spent in order to meet the quality requirements of our markets, and most of it will
come here to the United States. In order to optimise processes and associated costs, through the use of conversion
technology, we will commit additional resources. Again, most of this will be spent here in the United States, in Lake
Charles, Louisiana and Corpus Christi, Texas, with a part also going to the Hovensa refinery in the US Virgin
Islands," Arcaya said.
"We are also interested in expanding our refining capacity at home," Arcaya said. "The key to this expansion is the
Orinoco Oil Belt. Cerro Negro, Petrozuata, Hamaca, and Sincor are the four strategic projects approved by the
Venezuelan Congress during the 1990s for the development of the Orinoco Belt through the use of integrated extraction
and upgrading projects. When all four begin operations, they will produce a combined total of 600,000 bpd of upgraded
crude."