PetroChina Drops Venezuela’s State Oil Company
PetroChina is looking to drop Venezuela’s state-owned oil firm PDVSA as an equity partner in a planned and long-delayed $10-billion oil refinery and petrochemical complex in southern China, Reuters reported on Thursday, quoting executives and an official with the Chinese company and its parent CNPC.
The plan to dump the ailing Venezuelan oil firm is not a result of the new sanctions that the United States imposed on PDVSA earlier this week. The reason behind the Chinese decision is the continuously deteriorating finances of Venezuela’s oil company in recent years, two executives at PetroChina’s parent company China National Petroleum Corporation told Reuters.
“There will be no role of PDVSA as an equity partner. At least we do not see that possibility in the near future given the situation the country has been through in recent years,” one of the executives said.
PDVSA was initially planned to be an equity partner with a 40% stake in the refinery and petrochemical project, with the refinery originally designed to process Venezuelan crude oil and to have a capacity of 400,000 bpd.
In the summer of 2018, PetroChina had to reconfigure the refinery—approved in 2011 but without notable progress since—to be able to process crude grades other than Venezuela’s, as the Venezuelan production collapse and deteriorating finances at its oil firm PDVSA were putting future crude oil supplies at risk, S&P Global Platts reported in July.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
