Watching the money flee: Now China pulls out from Venezuela contracts

As they say in the news industry, follow the money. And the money in Venezuela, like a lot of Venezuelans, is fleeing. Here's a new one from Reuters: SINGAPORE (Reuters) - PetroChina Co plans to drop Petroleos de Venezuela SA (PDVSA) as a partner in a planned $10 billion oil refinery and petrochemical project in southern China, said three sources familiar with the matter this week.The company’s decision adds to state-owned PDVSA’s woes after the United States imposed sanctions on the company on Jan. 28 to undermine the rule of Venezuelan President Nicolas Maduro. However, dropping the company was not a reaction to the U.S. sanctions but follows the deteriorating financial status of PDVSA over the past few years, said two of the sources, both executives with China National Petroleum Corp, the parent of PetroChina.“There will be no role of PDVSA as an equity partner. At least we don’t see that possibility in the near future given the situation...(Read Full Post)
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