PDVSA falls behind on oil-for-loan deals with China, Russia (Petroleum World)

10 / FEB / 2017

Petroleum World

Venezuela's state-run oil company, PDVSA, has fallen months behind on shipments of crude and fuel under oil-for-loan deals with China and Russia, according to internal company documents reviewed by Reuters.

The delayed shipments to such crucial political allies and trading partners - which together have extended Venezuela at least $55 billion (£43.9 billion) in credit - provide new insight into PDVSA's operational failures and their crippling impact on the country's unravelling socialist economy.

(Read more)