PDVSA closes its last fuel station in Argentina

With 150 sites at its best moment, the oil company gradually gave up pumps to mitigate losses.

PDVSA has been forced to sell its last service station in Argentina, located in San Isidro and with good turnover volumes, to avoid future embargoes, reports Clarín.

The Venezuelan state-owned oil company landed in Argentina in 2005 with the intention of being a big player in the fuel retail market. Far from achieving it, the oil company says goodbye surrounded by problems, challenged to operate in the country and with multiple debts.

The flagship Venezuelan company was present in Argentina through Petrolera del Cono Sur, a company that was jointly established with the contribution of Uruguayan Ancap. Although in 2006 it was an equal share joint venture, in 2010 it passed almost completely into the hands of the Caribbean country. During these years, they operated under the flags of PDV Sur and Sol.

In December 2018, PDVSA was removed from the "Registry of Petroleum Companies - Processing and/or Trading Section", which determines the companies that can deliver fuel in the country, since it did not meet minimum accounting requirements, did not have capital and did not submit balance sheets to the National Securities Commission (CNV).