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PetroChina will withdraw Pdv from an estimated $ 10 billion worth of refineries



Caracas.- PetroChina Co. plans to withdraw Pdvs from the petroleum refinery and petrochemical plant project in southern China worth $ 10 billion, according to three sources. Reuters familiar with the topic.

The decision was made three days after the United States imposed sanctions on the Venezuelan state oil company as part of the pressure on Nicolás Madura's government, which Washington and most international community consider illegal.

However, the Chinese company said this move was not a reaction to US stocks, but because of the deteriorating financial condition of the PDVSA over the past five years, said two executives of China National Petroleum Corp., parent of PetroChine.

"There is no PDVSA as a partner in the property, at least we do not see this possibility in the near future given the situation that has passed the country over the last few years (Venezuela)," one of the managers asked to not identify because he was not authorized to speak with reporters.

The decision shows the loss of depth in the relations between Venezuela and the Asian giant, which provided $ 50 billion to the South American oil-based country.

China, the largest oil-importing country, is now the second largest Venezuelan crude oil supplier in Asia, with 16.63 million tonnes, or about 332,000 barrels per day in 2018, according to Reuters.


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