{"id":2125,"date":"2017-12-08T20:40:58","date_gmt":"2017-12-08T21:40:58","guid":{"rendered":"https:\/\/madaresharghi.com\/sinopec-sues-venezuelas-pdvsa-over-unpaid-bills\/"},"modified":"2017-12-08T20:40:58","modified_gmt":"2017-12-08T21:40:58","slug":"sinopec-sues-venezuelas-pdvsa-over-unpaid-bills","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/sinopec-sues-venezuelas-pdvsa-over-unpaid-bills\/","title":{"rendered":"Sinopec Sues Venezuela&#039;s PDVSA Over Unpaid Bills"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOne of China\u2019s biggest state-held companies, Sinopec, is suing Venezuela\u2019s debt-ridden state oil firm PDVSA in a US court over unpaid bills, in a sign that China may be losing patience with its Latin American ally and is changing tone and tactics. \u00a0<br \/> \tThe US unit of Sinopec filed the lawsuit at the Texas Southern District Court in Houston on November 27 and the nature of the suit is \u201cother fraud\u201d, Oil Price reported.<br \/> \tThe language of the complaint suggests that the Venezuela-China alliance may be over, Financial Times reported, citing the court documents it has seen.<br \/> \tIn the lawsuit, Sinopec is suing PDVSA for $23.7 million plus punitive damages, alleging that PDVSA has only paid half of the bill in a contract from 2012 to purchase steel rebar\u2014which is used in oil rigs\u2014for $43.5 million from the Chinese firm. \u00a0<br \/> \tIn the complaint, Sinopec accuses PDVSA of having used \u201can under-capitalized shell with the sole purpose of preventing Sinopec from having a remedy\u201d and says its conduct \u201cconstituted intentional misrepresentations, deceit and concealment of material facts\u201d involving \u201cwillful deception\u201d and coordinated conspiracy to defraud several units of PDVSA.<br \/> \t\u201cThis is when we know that China is not going to bail these guys out,\u201d Russ Dallen of boutique investment bank Caracas Capital, who follows Venezuela closely, told FT.<br \/> \t&#8220;The lawsuit initiated by Sinopec could be interpreted as mounting evidence that China would no longer want to extend loans to Venezuela and that changed position may have tipped the country and its oil firm into default,&#8221; he added.<br \/> \tChina, as well as Russia, has been extending credit to Venezuela in oil-for-loan deals. But PDVSA has been struggling to ship oil to Russia and China in return. As early as in February this year, PDVSA was said to have been months behind in oil shipments to its key allies.<br \/> \tThe only creditor apparently still willing to work with Venezuela is Russia. Last month, when rating agencies started declaring Venezuela in selective or restricted default, Russia and Venezuela signed a deal to restructure $3.15 billion worth of Venezuelan debt owed to Moscow.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi One of China\u2019s biggest state-held companies, Sinopec, is suing Venezuela\u2019s debt-ridden state oil firm PDVSA in a US court over unpaid bills, in a sign that China may be losing patience with its Latin American ally and is changing tone and tactics. \u00a0 The US unit of Sinopec filed the lawsuit at the Texas [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sinopec Sues Venezuela&#039;s PDVSA Over Unpaid Bills - 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