Venezuela raises Paraguaná refinery output

Venezuela has increased fuel production by 60,000b/d following the reopening of a catalytic cracking unit at its Paraguaná refinery complex (pictured), state-owned oil company PDVSA said on Monday.

In a statement, PDVSA said the works involved repairs to a regenerator unit and a reactor at the complex's Cardón refinery. Costs were not given.

Cardón and the adjacent Amuay refineries are responsible for 75% of Venezuelan vehicle fuel production, according to PDVSA.

Located in northwestern Falcón state, the Paraguaná complex has processing capacity of around 955,000b/d.

The announcement comes as the government attempts to jumpstart its ailing oil industry, which accounts for more than 95% of Venezuela's export revenue.

Crude output in the South American country has this year fallen to a six-decade low, throttled by years of mismanagement, dwindling investment and hyperinflation.