PetroChina to drop PDVSA in planned $10bn oil refinery
It maintains that dropping PDVSA is not due to recent US sanctions but follows the deteriorating financial status of the company
Singapore — PetroChina plans to drop PDVSA as a partner in a planned $10bn oil refinery and petrochemical project in southern China, three sources familiar with the matter said this week. The company’s decision adds to state-owned PDVSA’s woes after the US imposed sanctions on the company on January 28 to undermine the rule of Venezuelan President Nicolás Maduro. However, dropping the company was not a reaction to the US 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, 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 the country has been through in recent years,” said one of the executives, asking to remain unidentified because he is not authorised to speak to the media. The move illustrates the fading relationship between Venezuela and China, which has given $50b...
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