Reuters / PetroChina will take over PDVSA from a refinery project in China by sources
PetroChina Co. plans to take over Petroleos de Venezuela SA (PDVSA) from a $ 10 billion oil and gas petroleum project in southern China.
The company's decision adds to the problems of the Venezuelan state oil company, which is subject to US sanctions and is trying to end the government of Venezuelan President Nicholas Maduro.
However, the company's rejection was not a response to the Washington sanctions, but rather a consequence of PDVSA's deterioration in recent years, two of China's Petroleum Corp, the parent company of PetroChina, said.
"PDVSA will not be a real estate partner, at least we will not see it in the near future, given the situation in recent years across the country (Venezuela)," said one of the executives who asked not to be identified because he was not allowed to speak with the press .
This measure illustrates the loss of depth of the relationship between Venezuela and China, which provided the South American state with a $ 50,000 million loan in exchange for oil.
China, the largest oil importer in the world, is now the second largest buyer in Asia with Venezuelan fuel in 2018 with 16.63 million tonnes or about 332,000 barrels per day (bpd).
The relationship began to deteriorate in 2015, when Venezuela demanded a change in debt repayment conditions to mitigate the impact of the decline in oil production and oil prices.
Instead of providing large new loans, Beijing has made small investments or extended lengthening of the loan deferral period.