September 22, 2014 11:20 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Petróleos de Venezuela S.A.

Company Overview

Petróleos de Venezuela S.A. is engaged in the exploration, production, refining, transport, and commerce of hydrocarbons. It has strategic agreements with Eni S.p.A. and Repsol S.A. for the exploitation of the Perla field in Venezuela. The company was founded in 1975 and is based in Caracas, Venezuela.

Building Petroleos de Venezuela

East Tower

Avenida Liberator

Apartado 169

Caracas,  1050


Founded in 1975

Key Executives for Petróleos de Venezuela S.A.

Executive Director of Finance
Executive Director of Automation
Vice President of Economic Affairs and Member of Board Committee
Age: 63
Internal Director of Production & Services Subsidiaries
Compensation as of Fiscal Year 2014.

Petróleos de Venezuela S.A. Key Developments

Hess, PDVSA Reportedly Receive Offer for Hovensa Refinery

Hess Corporation (NYSE:HES) and Petróleos de Venezuela S.A. have found an interested buyer for their 350,000 barrel per day (bpd) Hovensa refinery in the Virgin Islands, Reuters reported citing sources close to the deal.

PDV America Reportedly Seeks Offers For CITGO

Petróleos de Venezuela S.A. is seeking preliminary offers for CITGO Petroleum Corporation by the end of September 2014, Reuters reported citing two people familiar with the matter. Lazard Ltd. (NYSE:LAZ) is advising Petróleos de Venezuela S.A. on the sale process. CITGO Petroleum Corporation's assets, the core of which are three refineries in Lemont, Illinois; Lake Charles, Louisiana; and Corpus Christi, Texas with a combined capacity of 749,000 barrels per day (bpd), have annual earnings before interest, taxes, depreciation and amortization (EBITDA) of around $1.5 billion and could fetch between $8 billion and $10 billion. Bidders can put in offers for individual assets, which include refineries, terminals, storage and wholesale operations. Logical bidders for the refineries could include HollyFrontier Corporation (NYSE:HFC), Valero Energy Corporation (NYSE:VLO), Western Refining, Inc. (NYSE:WNR), Tesoro Corporation (NYSE:TSO) and PBF Energy Inc. (NYSE:PBF). Representatives for Lazard Ltd. could not be immediately reached for comment, while Petróleos de Venezuela S.A. and CITGO Petroleum Corporation did not respond to requests for comment.

PDVSA to Launch Refinery Desalination Plant by End of the Year 2014

PDVSA expects to launch the first module of a seawater desalinization plant on the Paraguan peninsula by the end of the year 2014. The first module is expected to produce water at a rate of 200l/s, which will be used by nearby Amuay and Cardn oil refineries. The plant's remaining three modules will be installed towards the end of first quarter of 2015, for a total capacity of 880l/s.

Similar Private Companies By Industry

Company Name Region
Repsol Venezuela, S.A Americas
PDVSA Petróleo, S.A. Americas
Carbones del Guasare, S.A. Americas
Calio LLC Americas
PFC Oil and Gas, C.A. Americas

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