PDVSA awards US$138mn coke handling contract

Venezuela's state oil firm PDVSA has awarded a coke conditioning, handling and removal contract to Maroil Trading.

Maroil is an Ivory Coast-based marine and oil services company.

The contract is valued at US$138mn and is for operations at the José Antonio Anzoátegui industrial complex, PDVSA said in a press release.

The contracted work is required due to the need to correct the original design of the processes, as the conveyers used to transport the coke suffer frequent malfunctions, affecting delivery.

This, in addition to the increased crude oil production from the Orinoco belt, has resulted in an accumulation of coke, although there is no threat to the environment of the adjacent towns, the company said. The contract will create jobs and monetize the stored coke, which is valued at around US$330mn, according to PDVSA.

Coke represents a significant revenue source for the company given that 2.5t is produced from every 100b of extra-heavy crude extracted from the Orinoco belt, and it markets at around US$35/t.