Venezuela Also Began to Import Crude
Posted: 10/27/2014 02:10:23 Edited: 10/27/2014 02:10:23 Clicks: 1613
Recently, international oil prices decline has already resulted in a series of chain reaction. For reducing cost, Venezuela, as the fifth global oil exporter also began to import crude.
It was reported that the first 2 million tons of crude imported from Algeria arrived at Venezuela on October 26, which was an important event that Venezuela had produced, imported and exported crude for more than 100 years. In November, oil from Russia will also reach to Venezuela.
PDVAS had already confirmed the news. It expressed that importing light crude from Algeria was to deliquate extra-heavy crude which was produced Hugo Chavez oil zone (previous Orinoco oil zone). Hugo Chavez oil zone is the largest oilfield in the world. Oil reserves are over 2.7 hundred billion barrels, which can exploited for about 200 years.
In recent years, PDVAS import amount of refining products every year, such as heavy naphtha. Most of theses refining products are used to mix with crude produced in Hugo Chavez oil zone. After being added with oil products, local crude can only be refined available medium or light crude. Current market price of naphtha are maintaining at a high level. It is a heavy burden for PDVAS who needs to import a large number of naphtha. Using imported to deliquate heavy cure is considered as am effective method which can reduce cost.
Crude income is the most important sources of finance for Venezuela. In 4 moths, international oil price has fallen by 25% in total, which caused great pressure on Venezuelan economy.
It was reported that the first 2 million tons of crude imported from Algeria arrived at Venezuela on October 26, which was an important event that Venezuela had produced, imported and exported crude for more than 100 years. In November, oil from Russia will also reach to Venezuela.
PDVAS had already confirmed the news. It expressed that importing light crude from Algeria was to deliquate extra-heavy crude which was produced Hugo Chavez oil zone (previous Orinoco oil zone). Hugo Chavez oil zone is the largest oilfield in the world. Oil reserves are over 2.7 hundred billion barrels, which can exploited for about 200 years.
In recent years, PDVAS import amount of refining products every year, such as heavy naphtha. Most of theses refining products are used to mix with crude produced in Hugo Chavez oil zone. After being added with oil products, local crude can only be refined available medium or light crude. Current market price of naphtha are maintaining at a high level. It is a heavy burden for PDVAS who needs to import a large number of naphtha. Using imported to deliquate heavy cure is considered as am effective method which can reduce cost.
Crude income is the most important sources of finance for Venezuela. In 4 moths, international oil price has fallen by 25% in total, which caused great pressure on Venezuelan economy.
