Reuters: Venezuela’s refineries demand a multi-billion-dollar investment to operate
The attention of Venezuelan authorities is focused on addressing the damage left by the earthquakes in the country.
An investigation published by Reuters revealed that the Paraguaná Refining Center is currently operating at a minimal fraction of its installed capacity.
The report highlights that this complex in Falcón state, made up of the Amuay and Cardón refineries, has the potential to process 955,000 barrels of oil per day, but a lack of maintenance and widespread deterioration prevent it from producing enough fuel.
According to data collected by Reuters with energy policy analyst Oswaldo Felizzola and various industry experts, fully restoring Venezuela’s refining capacity requires an investment of at least $20 billion.
Deterioration and lack of maintenance at the Amuay refinery
Workers at the industrial complex report a critical condition in Amuay’s structures, the country’s largest refining plant with capacity for 645,000 barrels per day.
Operational areas look rusted and neglected, with waste pits in the open air at the limit of their capacity and constant leaks in pipelines and valve stations. These recurring technical failures prevent the continuous processing of hydrocarbons and worsen the gasoline shortage across the national territory.
Government priorities and investment delays until 2027
The attention of Venezuelan authorities is focused on addressing the damage left by the earthquakes in the country—events that caused more than 5,000 deaths and massive material losses. For this reason, the injection of capital into the refineries will be postponed at least until 2027.
The official focus is exclusively on the extraction and export of crude oil, leaving refineries at the bottom of budgetary priorities.
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