Reuters first to report that Iran to start revamp at Venezuela’s largest refining complex within weeks


Reuters was first to report that state firms from Iran and Venezuela are soon to start a 100-day revamp of the South American nation’s largest refining complex to restore its crude distillation capacity. Sources said the effort by state oil company PDVSA and the National Iranian Oil Refining and Distribution Company to boost fuel output at the Paraguana Refining Center marks a step toward ending Venezuela’s reliance on U.S. refinery technology.

Market Impact

A unit of NIORDC signed a 110-million-euro contract with PDVSA in May to repair Venezuela’s smallest refinery, a project that is currently underway. The companies are now expected to sign in the coming weeks a 460-million-euro contract to revamp the 955,000-bpd Paraguana refinery complex on the coast of western Venezuela, according to the sources.

Article Tags

Topics of Interest: EconomyEnergy

Type: Reuters Best

Sectors: Commodities & Energy

Regions: Europe / Middle East / AfricaSouth America

Countries: IranVenezuela

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Major Global Story

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