PDVSA EARMARKS $3.2 BILLION FOR TWO REFINERY PROJECTS
Venezuela's Petroleos de Venezuela SA (Pdvsa) has earmarked almost $3.2 billion to upgrade and expand its two biggest refineries. The plants, operated by Pdvsa units Maraven SA at Cardon and Lagoven SA at Amuay, have a combined throughput capacity of 950,000 b/d. Both are on the Paraguana Peninsula in western Venezuela. Although cuts are expected in Pdvsa's operating and capital budgets this year, the main thrust of refining investments planned through 1994 remains unchanged.