Venezuela's Refineries on Life Support Amid Years of Neglect

The Paraguana Refining Center in Western Venezuela is a complex of refineries that was once a symbol of the country's oil wealth and ambition. Today, it runs at a fraction of its capacity, with a decline in production spanning decades.

The refineries are described as 'ugly and rusty' by one worker, with open-air waste pits nearly full and residue seeping across pipelines and valve stations.

Years of underinvestment, equipment failures, and shortages have left the Paraguana complex struggling to produce fuel for Venezuelans. Workers say that major repairs have not been carried out in years, and contractors have had difficulty agreeing on new contracts with state-run PDVSA.

The cost of fully restoring refining capacity is estimated at $20 billion, a figure echoed by industry experts. Analyst Oswaldo Felizzola says that any major investments in refining are likely to be pushed into 2027 and beyond due to the government's focus on oil production.

Foreign companies have shown little interest in investing in Venezuela's refineries, with some citing the U.S.'s ability to process Venezuelan crude as a reason not to bother. The Trump administration has also excluded companies from nations considered adversaries, including China and Iran, from participating in potential investments.