UPDATE 1-Venezuela’s PDVSA to restart two key oil upgraders to boost output -document

(Adds details, context) By Marianna Parraga March 4 (Reuters) – Venezuela’s state-run PDVSA plans to restart operations at two key oil upgraders in the coming months after a year of inactivity aiming to boost output of its flagship grade for exports, according to a company document seen by Reuters on Wednesday. Mounting inventories of unsold oil following sanctions imposed by the United States forced PDVSA in May 2019 to halt most of its crude upgrading activity. The decision affected the nation’s oil production, which last year declined to its lowest level in almost 75 years. The new plan involves turning the Petrocedeno upgrader, operated by PDVSA, France’s Total and Norway’s Equinor into a blending station in May for producing Merey 16 heavy crude, Venezuela’s best-selling grade. The Petromonagas project, operated by PDVSA and Russia’s Rosneft, would follow the same strategy in July. PDVSA did not immediately respond to a request for comment. The Venezuelan firm converted its Petropiar project, operated along with U.S. Chevron Corp, into a blending station in the third quarter and in January it resumed normal upgrading operations for producing and exporting Hamaca crude. The move has contributed to a slight recovery in output and exports in… Read full this story

UPDATE 1-Venezuela's PDVSA to restart two key oil upgraders to boost output -document have 293 words, post on www.reuters.com at March 4, 2020. This is cached page on wBird. If you want remove this page, please contact us.