PetroChina To Drop PDVSA As Partner In Refinery Project

According to Reuters agency, 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 the country has been through in recent years,” said one of the executives, asking to remain unidentified because he is not authorized to speak to the media. The move illustrates the fading relationship between Venezuela and China, which has given $50 billion to the South American country in the form of loans-for-oil agreements. China, the world’s largest oil importer, is now the second-biggest buyer of Venezuelan crude in Asia, taking in 16.63 million tonnes, or about 332,000 barrels per day (bpd), in 2018.

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The ropes are tightened around the neck...

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Use every move to stop a brutal dictator and his oppressive rule...

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PDVSA is most important stone in Maduro's palace, and generally potential fall of PDVSA will hit country , but that blow will be the end of Maduro.

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Not just PetroChina... Lukoil freezes contract with PDVSA after US imposes new sanctions

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Oil and oil, black gold ... Maduro rules like a dictator just like his predecessor Chavez. People like that are not capable of governing in any political system, except in that one that they have created.

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There is always a dilemma about sanctions ... I do not like economic sanctions because they hurt  people, not the tyrants. It just makes a bad situation worse. Doubtfully it will be different this time..

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Actually Maduro is a very reasonable person and has never misused his discretion power against good people. Also, he is head of a cadre based party which is inherently democratic. His position relies on several others accepting it rather than his own dictatorial brutality

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13 hours ago, rainman said:

There is always a dilemma about sanctions ... I do not like economic sanctions because they hurt  people, not the tyrants. It just makes a bad situation worse. Doubtfully it will be different this time..

Overthrowing a brutal communist dictatorship is always a good thing. Millions have fled Venezuela because they have been starved out. Venezuela is only supported by communists. 

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9 hours ago, Bhimsen Pachawry said:

Actually Maduro is a very reasonable person and has never misused his discretion power against good people. Also, he is head of a cadre based party which is inherently democratic. His position relies on several others accepting it rather than his own dictatorial brutality

Pretty sure I could not disagree more with you.

Maduro is even more of a tyrant against Venezuelans than Chavez was.

 

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