PetroChina Ltd, the listed subsidiary of state-owned CNPC, expects its crude imports from Venezuela to drop by about a third to around 10 million mt (about 186,000 b/d) in 2019 from 15 million mt in 2018, a senior executive said late Thursday. The decline in Venezuelan crude flows to China, among the biggest buyers of PDVSA’s crude oil, underscores the impact of US sanctions despite supply commitments under oil-for-loan agreements with PetroChina. The trading business with Venezuela is operating as usual, but crude import volumes will be at slightly over 10 million mt this year, due to supply issues in Venezuela, Hou Qijun, PetroChina’s executive director and president, said on the sidelines of the company’s annual briefing in Hong Kong. State-owned PetroChina, which executed the loan-for-oil deal for China, received around 15 million mt […]