Venezuela has acquired all the necessary components to initiate a maintenance campaign at the El Palito refinery, strategically located in the central region of the country. This refinery, boasting a capacity of 146,000 barrels per day (bpd), stands as the smallest among a network of facilities that also encompasses Paraguana and Puerto La Cruz, collectively capable of processing 1.3 million bpd. The upcoming maintenance program, slated to last approximately 20 days, is pivotal in ensuring the sustained operational efficiency of this crucial facility, which plays a pivotal role in the nation's oil sector.

In the year 2022, Venezuela's state-owned oil entity, PDVSA, embarked on an ambitious modernization drive aimed at revamping its aging refineries, with significant support extended by Iranian state entities. This collaborative effort involved a comprehensive evaluation conducted by oil ministers from both Venezuela and Iran, with a particular focus on joint projects, notably the repair initiatives at El Palito refinery. Following the successful completion of an extensive overhaul at El Palito in 2023, plans were laid out for analogous refurbishments at the Paraguana facility, recognized as the largest refining complex in the country, boasting a formidable capacity of 955,000 bpd.

Despite the Paraguana project awaiting the formalization of a definitive contract, detailed specifics regarding the scope and execution of the plans remain undisclosed at this juncture. Concurrently, recent announcements from the United States indicate its intention to reimpose oil and gas sanctions on Venezuela by April, unless certain conditions are met. These conditions include the lifting of a ban that prohibits a prominent opposition figure from participating in the upcoming presidential elections, along with adherence to various stipulations delineated in an electoral agreement signed the previous year. In response, Venezuela has vociferously advocated for the complete removal of all existing sanctions, highlighting the potential adverse ramifications for the nation's oil industry.

As the El Palito refinery gears up for the impending maintenance activities, Venezuela has proactively assured the public of its commitment to maintaining ample reserves of domestically-produced fuel, thus preempting any potential shortages of gasoline or diesel during this operational downtime. To bolster its reserves and ensure uninterrupted supply chains, PDVSA has initiated a series of strategic measures. This includes a notable increase in the importation of gasoline and naphtha, primarily sourced from the United States, a strategy that commenced in January. Moreover, the company has successfully received a consignment of diesel originating from Russia, further enhancing its fuel stockpiles. Looking ahead, PDVSA has outlined ambitious plans to import up to 600 fuel trucks within the current year, envisaging these additions as instrumental in reinforcing its operational capabilities and enhancing logistical efficiency.