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PDVSA to Invest $4 Billion in Puerto La Cruz Plant, AVN Reports

Venezuelan Oil Minister Rafael Ramirez said state oil company Petroleos de Venezuela SA will invest more than $4 billion in a plan to convert heavy crudes into lighter ones at its Puerto La Cruz refinery, Agencia Venezolana de Noticias reported.

The refinery’s upgrader will convert heavy and extra heavy crudes from the Orinoco Belt into lighter products including naphta and diesel, Ramirez said, according to AVN.

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