 The country's one small refinery at Puerto Cortés closed in 1993.Various Honduran governments have done little to encourage oil exploration, although substantial oil deposits have long been suspected in the Río Sula valley and offshore along the Caribbean coast.An oil exploration consortium consisting of the Venezuelan state oil company, Venezuelan Petroleum, Inc. (Petróleos de Venezuela, S.A.--PDVSA), Cambria Oil, and Texaco expressed interest in the construction of a refinery at Puerto Castilla in 1993, with production aimed at the local market.