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Chevron Takes Steps to Increase Exports from Venezuela

OIL

Chevron will take over operations at Venezuela’s Petropiar upgrader at the Jose Petrochemical Complex this week.

  • The facility will be used by Chevron to process Venezuela’s heavy crudes to then be shipped to US Gulf refineries under the recent sanction’s waiver.
  • Under the license and a series of contracts Chevron signed with Venezuela’s government, it will retake control of operations, financing and trading in joint ventures with state oil company Petroleos de Venezuela SA.
  • Chevron has the capacity to increase production from the joint ventures to about 200,000 bpd within a year from a low of around 50,000 bpd.

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