I mean, deep sea refineries need to be outfitted with special deep sea shit. Mining oil is difficult everywhere, but Venezuela really fucked it up hard.
Also means that no Western country would want to invest even a penny for fear it'll be nationalized. So all they can do is sell the commodities they can produce locally.
[–] tendiesonfloor 0 points 2 points 2 points (+2|-0) ago
The HOVENSA refinery had to be specially outfitted to handle the ultra-sulfurous Venezuelan crude.
[–] tanukihat 0 points 1 point 1 point (+1|-0) ago
I mean, deep sea refineries need to be outfitted with special deep sea shit. Mining oil is difficult everywhere, but Venezuela really fucked it up hard.
[–] Benweiser22 ago
That is the mining aspect, but yes refining the Venezuelan oil is more costly than Saudi crude.