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Title : Chinese Oil Contractor Halts Work On Venezuela (The Have Not Been Paid)
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Chinese Oil Contractor Halts Work On Venezuela (The Have Not Been Paid)

Chinese President Xi Jinping (2nd R) and his wife Peng Liyuan (1st R) pose for a group photo with Venezuelan President Nicolas Maduro (2nd L) and his wife in Beijing, capital of China, Sept. 14, 2018. Xi held talks with Maduro in Beijing on Friday. (Xinhua/Ju Peng)

Houston chronicle/Bloomberg: Venezuela’s oil woes deepen as Chinese contractor halts work

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.

That’s in contrast to comments from state-controlled Petroleos de Venezuela SA last month announcing a second expansion to take output to 230,000 barrels a day at the project, which is jointly owned by PDVSA and CNPC -- China’s biggest energy company.

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WNU Editor: The Chinese have had enough.

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