Venezuela's refineries are rusting relics, hard to revive

Venezuela's once-mighty refineries, like the Paraguana complex, are decaying and unlikely to be revived soon, despite crude exports hitting a seven-year high. New legislation allowing private operation imposes a 5% tax, deterring investors. U.S. sanctions exclude Chinese and Iranian firms, while cheap gasoline prices prevent state revenue for repairs. Analysts say major upgrades await political stability and creditworthiness.