Exclusive: Venezuela's PDVSA braces for low output from crucial crude upgraders

PUNTO FIJO/CARACAS: Venezuelan state-owned oil company PDVSA expects its crucial crude upgraders to operate well below capacity this month, according to industry sources and documents seen by Reuters, as U.S. sanctions and energy blackouts hit the OPEC nation's oil industry.

Petrocedeno, part-owned by France's Total and Norway's Equinor, stopped working after a second blackout on March 25, as did PDVSA's fully-owned Petrosanfelix.Advertisement "The upgraders are not expected to increase processing," an internal PDVSA document detailing planning for the month of April reads.

To keep exports stable with limited upgrading capacity, PDVSA will need to import diluents - light crude or heavy naphtha - that can be blended directly with extra heavy oil from the Orinoco belt to make exportable grades.

Source: News Formal (newsformal.com)

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