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Title : This Is How Venezuela Lost Three Oil supertankers To China Because Of US Sanctions
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This Is How Venezuela Lost Three Oil supertankers To China Because Of US Sanctions

An oil tanker is docked while oil is pumped into it at the ships terminal of PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. REUTERS/Carlos Garcia Rawlins/File Photo

Reuters: Exclusive: How Venezuela lost three oil supertankers to its Chinese partner

NEW YORK/SINGAPORE (Reuters) - A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show.

PetroChina Co Ltd, which had been state-run Petroleos de Venezuela’s partner in the Singapore-based joint venture CV Shipping Pte Ltd, took control of the three tankers between January and February, according the documents from a Singapore court reviewed by Reuters.

The transfer of the Junin, Boyaca and Carabobo very large crude carriers (VLCC) has not been previously reported.

It came after U.S. sanctions on PDVSA left the vessels without insurance, leading to millions of dollars in losses for CV Shipping and prompting PetroChina to place it in bankruptcy. The original purpose of the venture was to ship Venezuelan oil to China and some other export destinations.

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WNU Editor: Venezuela owes China tens of billions of dollars. I think there is an awareness within China that they are not going to be paid back. So what they are doing right now is picking what lettle meat is left on the carcass.

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