China’s Sinopec sues Venezuela in sign of fraying relations

7 Dec 2017   China, Venezuela

Sinopec USA, a subsidiary of the Chinese oil and gas conglomerate, has sued Venezuela’s state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The lawsuit asks for $23.7 million for breach of contract and conspiracy to defraud. The legal action signals a split with another of Venezuela’s biggest backers as the cash-strapped country seeks to restructure some $60 billion in debt in a landscape of low oil prices and production. Sponsored The complaint suggests “patience is getting really thin at this point,” said Mark Weidemaier, law professor at the University of North Carolina at Chapel Hill and an expert on international debt disputes. “This is a further sign of frostiness in the Chinese-Venezuelan […]

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