Stoppage Planned at Venezuela Upgrader in 2012

Reuters reported that Venezuela will stop its Petromonagas heavy oil upgrader in 2012 to upgrade the capacity by almost a quarter to 145,000 barrels per day.

The market news is quoted as saying:

Sergey Funygin, president of the local subsidiary of Russia’s TNK-BP, told reporters the stoppage was due to start in March or April 2012 and would last about a month.

The stoppage fits with a broader plan of maintenance for the South American OPEC member’s four upgraders, which have been hit by failures and maintenance stoppages since 2009.

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