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Chinese state-owned oil and gas corporation
China is now the dominant buyer of Venezuelan oil, taking roughly 80% of exports in recent months (about 746,000 bpd in November) and absorbing large volumes of fuel oil and methanol as well (136,000 ...
Since 2015 China’s oil-for-loans relationship with Venezuela shifted from aggressive expansion and fresh credit to cautious preservation, restructuring and in-kind repayment—driven by collapsing Venez...
Chinese and Russian oil firms moved from financiers and partners to operational lifelines for Venezuela’s oil sector after Western companies scaled back or were forced out, providing investment, marke...
China’s refiners met the sudden reappearance of Venezuelan extra‑heavy crude after 2019 by rewiring trade routes, altering customs paperwork and using technical fixes at the refinery level: masking or...
China’s CNPC and Sinopec acquired and preserved stakes in Venezuelan oil through a mix of Chávez-era restructurings that forced foreign firms into joint ventures, large China-backed loans tied to oil ...
Since 2000, Chinese and Russian oil companies have acted as financiers, production partners and political backstops for Venezuela’s state oil company PDVSA, helping sustain exports, operate fields and...
China supplanted much Western presence in Venezuela's oil sector by converting decades-long loans and trade ties into practical control: Beijing and Chinese firms — state-owned and private — stepped i...
Chinese state-linked China Concord Resources Corp (CCRC) is operating a $1 billion Lake Maracaibo project with a floating production facility to boost output at Lago Cinco and Lagunillas Lago from abo...
Smaller independent oil firms and service providers — not the U.S. supermajors — have surfaced as the likeliest near-term actors willing to engage in short-term Venezuela projects, with U.S. officials...
U.S. sanctions since 2019 have not simply reduced Venezuela’s export volumes; they have re-engineered how barrels reach Chinese buyers by forcing Caracas, Chinese state firms, private “teapot” refiner...
Venezuela carried out a wholesale nationalization of its oil industry effective 1 January 1976, converting foreign concessionaires into state-controlled affiliates under PDVSA and replacing operators ...
China and Russia have financed PDVSA refinery and upstream projects largely through large, often opaque, bilateral loans and oil-for-loan arrangements that were repaid in kind (crude or refinery acces...
China is both a major buyer of Venezuelan crude and a long-term financier/investor in its oil sector: Beijing moved from large state-led loan-for-oil deals in the 2000s to a mix of continued purchases...
Russia’s concrete oil footprint in Venezuela today is real but narrowly defined: Moscow-linked Roszarubezhneft controls the former Rosneft assets in Venezuela and operates joint ventures that were ext...
China and Russia became the principal external financiers and operational partners of Venezuela’s oil sector after Hugo Chávez’s 2000s restructurings, providing large loans, joint funds and hands-on t...
China and Russia deepened their footprint in Venezuela’s oil sector by stepping into the space vacated or constrained for Western majors through PDVSA-controlled joint ventures, supplying capital, buy...
Venezuela’s upstream is dominated by state-controlled joint ventures in which PDVSA is required to hold majority equity—commonly at least 60%—and a mix of foreign partners operate or provide services ...
Public reporting on Venezuela documents a long history of state-mandated majority ownership by PDVSA in joint ventures, heavy U.S. sanctions and secondary measures that complicate commercial ties, and...
Hugo Chávez’s push to reassert state control—forcing majority PDVSA ownership of joint ventures, renegotiating contracts and expropriating assets—sharply worsened Venezuela’s investment climate and dr...
After the 2006–2007 reconfiguration of Venezuela’s “Apertura” model into state‑led joint ventures requiring PDVSA to hold at least 60% equity, these 60/40 JV structures became the principal legal and ...