Venezuela PDVSA unit eyes up to $600 mln to overhaul Aruba refinery

June 22, 2016 8:55 PM
CARACAS - Venezuela is also mulling building a gas pipeline from the Paraguana peninsula northward to the Aruba refinery, Luongo added.
 
Once the oil complex is up and running, PDVSA hopes to boost processing of the OPEC nation's extra-heavy crude output from the Orinoco Belt, whose petroleum deposits are some of the world's largest.
 
"The plan is to use the refinery as an upgrader ... for the Orinoco Belt," added Luongo, as workers waved a huge yellow, blue and red Venezuelan flag.
 
"It's a refinery that looks a lot like an upgrader."
 
Venezuela's plan to build a new complex of upgraders, which convert extra heavy crude into lighter crude, has been hit by major delays.
 
The Caracas-based company has been increasingly importing naphtha and crude to dilute oil produced in the Orinoco.
 
Luongo said he expected a very similar breakdown of imports in the second semester compared with the first, but declined to provide specifics on PDVSA's commercial strategy.
 
"The new upgrader that will come out of the Aruba refinery will give us more flexibility with this," Luongo added.
 
Reuters

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