Refiner Citgo Petroleum, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, expects to play a “bridge” role in a Venezuelan transition once U.S. sanctions are lifted, and could help with the revamp of Venezuela’s decrepit refineries, Citgo’s chief executive Carlos Jordá told Argus in an interview.
By Oil Price – Charles Kennedy
Aug 24, 2021
“Citgo could provide a bridge for products and help someone to get those refineries started,” Jordá told Argus in the interview published this week.
The U.S. sanctions on Venezuela have accelerated the demise of the state-oil firm PDVSA, which has also struggled with outdated equipment at refineries and plants due to years of a lack of investment in maintenance and spare parts.
Venezuela had 1.3 million barrels per day (bpd) of refining capacity, but currently one-tenth of this capacity is probably operational.
“It is not going to be easy, but eventually something will get done with the refineries. Maybe not 500,000 b/d but 300,000 b/d of capacity will be restored. Venezuela cannot be 100pc dependent on imports,” Citgo’s CEO told Argus.
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