Chinese company stops work in Venezuela because it did not get paid

Bloomberg/Fuel Fix:
A Chinese oil contractor halted work on an expansion project in Venezuela because it hasn’t been paid, underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies.

China Huanqiu Contracting and Engineering Corporation, an affiliate of government-run China National Petroleum Corp., notified the Sinovensa joint venture it has suspended work to expand a crude blending facility by 57% to 165,000 barrels a day, according to a document seen by Bloomberg and a person familiar with the matter.

That’s in contrast to comments from state-controlled Petroleos de Venezuela SA last month announcing a second expansion to take output to 230,000 barrels a day at the project, which is jointly owned by PDVSA and CNPC -- China’s biggest energy company.
...
Oil nationalization by Venezuela was one of the dumbest moves made by Chavez and his socialist revolution.  It has made the country poorer and has made exploration for new production hard to come by.  Now even the Chinese have had enough.  It is also another blow to China's attempt to avoid buying US production.

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