Reuters first to report that Iran to start revamp at Venezuela's largest refining complex within weeks - Reuters News Agency

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
-UNDATED FILE PHOTO- An oil worker is seen at Jose refinery cargo terminal in Venezuela in this undated file photo. [Venezuela said on April 3, 2006, it assumed control of two oil fields operated by Total of France and Italy's Eni and vowed to win any international legal claims triggered by the takeovers. The move came after the two companies failed to reach an agreement with the government to transfer their operating contracts to new joint ventures or
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