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Merey 16 is a blend made from extra-heavy crude that, immediately after extraction, has an almost solid consistency.

Commercial and geopolitical triangulation

Merey 16: What Venezuela’s heavy crude looks like when freshly produced and the role Iran plays in the value chain

This video shows the extraction of extra-heavy crude, characteristic of Venezuela’s Orinoco Oil Belt. After this stage, the oil is processed using inputs supplied by Iran, then transported by pipeline and ultimately exported to China.

Citgo’s refinery in Corpus Christi has the capacity to process up to about 167,000 barrels of oil per day.

Geopolitical tension and investment stakes

Citgo in the spotlight: the landmark U.S. refiner owned by PDVSA and set to be run by Elliott-backed Amber Energy

It has heavy crude refining capacity of about 749,000 barrels per day across three complexes. Its future will depend on political stability in Venezuela. Amber Energy is awaiting the completion of the sale. Three scenarios lie ahead.