Sinopec sues as China loses patience with Venezuela
Caracas, Wednesday, December 6,2017
MIAMI -- These lawsuits show just how far relations between the two countries have deteriorated," says Russ Dallen, Managing Partner of Caracas Capital Markets, an investment bank which first uncovered and revealed the litigation. "After $60 billion dollars, the Chinese are ending up in the same courts and international arbitrations as most others who have tried to do business with a Chavista Venezuela."
China's state-owned oil company Sinopec is suing Venezuela's state owned oil company PDVSA in a sign of just how bad relations have deteriorated between the two nations.
In 2010 Sinopec had partnered with PDVSA in two blocks in the Orinoco oil field, Junin 1 along with the Belarusian Oil Company Belorusneft, as well as in Junin 8. At one point, Sinopec was talking about investing $14 billion to produce 200,000 barrels per day from the field. Sinopec even had plans to build a refinery called Cabruta in Guárico to process all the oil it would be producing.
Sinopec -- China Petroleum and Chemical Corporation -- is China's largest producer and supplier of refined oil products and its second-largest crude oil producer. It is also China's largest petrochemicals producer and the world's fourth-largest ethylene producer. It is involved in oil and gas exploration and production, crude oil processing, oil products trading, transportation, distribution, and marketing as well as petrochemicals manufacturing. Sinopec has 34 refineries and 29,600 gas stations. For the first half of this year, Sinopec's operating profit was about $6 billion dollars.
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http://www.laht.com/article.asp?ArticleId=2447304&CategoryId=10717
Rosneft (Russia) has been sniffing around the Amuay refinery recently (currently operating at 13% capacity). Its a crap shoot as to whether they think they can work with, and profit from the utterly corrupt Chavistas, or if they join China in the courts.