PetroChina refused to partner with PDVSA in a project on oil refining

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China’s PetroChina plans to stop cooperating with Venezuelan state-owned company PDVSA to build an oil refinery and petrochemical complex in southern China. The cost of the project was $10 billion. Representatives of PetroChina said that the refusal of the partnership was associated with a deterioration in PDVSA performance, and not with the introduction of US sanctions against the company. Venezuelan manufacturer will not receive a stake in the Chinese project. Instead, PetroChina will focus on oil purchases in Saudi Arabia and Iran. On January 28, the United States blocked the assets of PDVSA in its jurisdiction for $7 billion and banned deals with the company. PDVSA, as the state-owned company of Venezuela, brings to the government a significant income.

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