March 4, 2020 / 3:25 PM / in a month

Venezuela's PDVSA to restart two key oil upgraders to boost output: document

FILE PHOTO - The corporate logo of the state oil company PDVSA is seen at a gas station in Caracas, Venezuela, January 28, 2019. REUTERS/Andres Martinez Casares

(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, Merey 16 crude, according to a company document seen by Reuters on Wednesday.

The Pedrocedeno and Petromonagas upgraders will be restarted between May and June, the document said.

PDVSA was forced in May to halt most of its crude upgrading activity due to mounting inventories of unsold oil following sanctions imposed by the United States. The new plan involves turning the Petrocedeno upgrader into a blending station in May, and do the same at the Petromonagas project in July, as PDVSA did at the Petropiar project in 2019.

Reporting by Marianna Parraga; Editing by Chizu Nomiyama

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