Venezuela to expand oil refining capacity in US and Venezuela

Sep 05, 2001 02:00 AM

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."

Source: Embassy of Venezuela via Newspage
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