Venezuela's PDVSA Continues with Refinery Repairs

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Written by Daniel Graeber for IIR News Intelligence (Sugar Land, Texas)

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Summary

PDVSA is working to maintain its dilapidated refineries. U.S. officials, however, say Venezuela has a role to play in global energy security.

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Maintenance Planned at Cardon Refinery

State oil company Petroleos de Venezuela (PDVSA) is planning to shutter a refinery for a unit turnaround, while U.S. officials laud the role that Venezuelan crude oil can play in global energy security. According to Industrial Info Resources data, there are nine operational refining facilities in Venezuela, including three upgraders. Subscribers to the Industrial Info Resources Global Market Intelligence Petroleum Refining Plant Database can view a list of detailed plant profiles. There are 40 active petroleum refining projects in the country, including rehabilitations, restarts and refurbishments in the country, worth US$238 million.

PDVSA has scheduled planned maintenance starting June 2 at its refinery in Cardon, which has an operational capacity of 220,000 barrels per day (bpd). The maintenance is only for 75,000 bpd. Subscribers to the Industrial Info Resources Global Market Intelligence (GMI) Petroleum Refining Plant Database can view a detailed plant profile.

Venezuela's refinery sector is crumbling and it would take billions of dollars and decades to rebuild. Since U.S. military forces seized former President Nicolas Maduro from his compound in January, major oil companies have slowly waded back into the country, though Maduro's regime remains more or less intact.

Speaking at an energy forum in The Woodlands, Texas, U.S. Assistant Secretary for the Department of Energy Kyle Haustveit said Venezuela is making a comeback.

"Venezuela plays an incredibly important role in strengthening energy security in the Western Hemisphere," he was quoted by Reuters as saying.

Haustveit was at the summit alongside recently-appointed Venezuelan Oil Minister Paula Henao and executives from PDVSA. Henao said Venezuela needs new equipment, from pumps to pipelines, to help revitalize the nation's energy sector.

Meanwhile, Bloomberg was reviewing a 63-page draft outlining technical and fiscal aspects for energy companies looking to work in Venezuela. While the regime remains in place, it's been overhauling regulations governing contracts since Maduro's capture.

U.S. supermajor Chevron Corporation already has a license to operate in Venezuela. By March, the U.S. Office of Foreign Assets Control, part of the Department of the Treasury, removed interim President Delcy Rodriguez from the Specially Designated Nationals list, making it easier for her to conduct business in the United States and with U.S. entities.

Don't Call it a Comeback Yet

Venezuela sits on top of some of the largest oil deposits in the world, and its heavy grade of crude oil fits in a U.S. refinery sector tailored for those products. Secondary sources reporting to economists at the Organization of the Petroleum Exporting Countries put Venezuelan crude oil production at 903,000 bpd as of February, among the lowest for core member states and nearly 4% below the average for last year.

Meanwhile, despite the ongoing rhetoric from U.S. officials, flows are moving into the U.S. economy at a relative trickle. While the 449,000 bpd imported over the four-week period ending May 8 marked a 231% increase from year-ago levels, Venezuela still accounts for less than 5% of total U.S. imports. Canada, the lead exporter, delivered 3.8 million bpd over the same period in 2026.

Total exports from Venezuela, however, may have already passed 1 million bpd this year. Moving through trading houses such as Trafigura, sales were made to refiners in India, and other barrels went into storage.

By the Numbers

• 200%: Increase in U.S. imports of Venezuelan crude
• 903,000 bpd: Venezuelan production in February, according to OPEC data

Key Takeaways

• Work continues to repair Venezuela's refinery sector.
• Oil officials were in Texas for an energy summit.

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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).