PDVSA and China’s state-run CNPC have stopped all oil blending at their joint venture operation, Petrosinovensa, exclusive Reuters sources divulged on Thursday. PDVSA holds 50.1% of the JV, while CNPC holds the remaining 49.9%. PetroSinovensa blended extra-heavy crude oil from Venezuela’s Orinoco belt with lighter grades such as Mesa and Santa Barbara, creating what is known as the Merey blend, 100% of which were shipped to China, Argus Media reported over the summer. Over half of the finished product went toward paying back loans that China extended to Venezuela and PDVSA. The oil blending operations were halted this week due to an untenable buildup in oil stocks in Venezuela as the United States continues to clamp down on the Maduro regime in the Latin country, in what will surely create a ripple effect on other operations in Venezuela as well. The operations at Petrosinovensa was until now the last […]