Venezuela’s Oil Woes Deepen as Chinese Contractor Halts Work

[Tom Kirkman + 8,860]

China and Venezuela are both feeling the bite of U.S. trade sanctions.  Neither are happy campers.

Will China start seizing Venezuelan oil & gas assets in lieu of payment?

^ Legitimate question, not joking.  In the past, Venezuela has seized foreign owned oil & gas assets, and perhaps China (which is famous for copying) will copy Venezuela's seizure tactic.  It might be fitting Karma, in my opinion.  Socialism and Communism eating each other when things go sour.

 

Venezuela’s Oil Woes Deepen as Chinese Contractor Halts Work

(Bloomberg) -- A Chinese oil contractor halted work on an expansion project in Venezuela because it hasn’t been paid, underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies.

China Huanqiu Contracting and Engineering Corporation, an affiliate of government-run China National Petroleum Corp., notified the Sinovensa joint venture it has suspended work to expand a crude blending facility by 57% to 165,000 barrels a day, according to a document seen by Bloomberg and a person familiar with the matter.  ...

 

... A project manager at HQC -- as the Chinese contractor is known -- said in a notification to Sinovensa it was owed more than $52 million in invoices dating back to 2018, and that it was suspending activities from Sept. 3. The JV is a key project in Venezuela’s Orinoco region that boasts the largest oil reserves on the planet and currently accounts for about half of the country’s remaining production.

[BigJets + 87]

China will never reclaim any of their assets dumped in Venezuela.  Trump knows, that's why he let them there in the first place.  China is a paper tiger unable to project force outside of their tiny, man-made, high pollutant islands.  Please China send more $$$$$$ to Venezuela!!   

Edited September 6, 2019 by BigJets