Phillips 66 CEO Says Venezuela Change a Boon to Oil Refiners (1)

One of the largest US oil refiners sees a potential reopening of Venezuela’s oil industry as a major boost to fuel-makers that rely on heavier crude grades.

Phillips 66 and other refiners that process heavier oils stand to benefit from increased Venezuelan exports and shifting global trade flows, said Chief Executive Officer Mark Lashier at the Goldman Sachs Energy, Clean Tech & Utilities Conference Tuesday.

“Venezuela was producing 3 million barrels a day of heavy crude. We’ve got refineries designed for the longterm to process that crude,” Lashier said. “But it’s going to take a lot of investments by the ...