China’s CNPC is terminating contracts with Venezuela’s PDVSA following unpaid bills. Chinese oil ventures represented 13% of the country’s oil production in August, which is already at the lowest levels in decades:
- PDVSA’s unpaid invoices to China has cascade effect on locals
- China proposed Venezuelan providers to negotiate in yuan
China’s leading oil contractor in Venezuela terminated deals with local providers at oil projects due to lack of payment from the state oil company. But exiting is proving a challenge to both sides.