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China's CNPC Suspends Venezuelan Oil Loading

Gasoil News - Published on Wed, 21 Aug 2019

Image Source: Yahoo Finance
Two Beijing-based senior sources with direct knowledge of the matter told Reuters, China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest set of US sanctions on the South American exporter. One source said that "Trump's executive order gave a directive for the follow-up sanction measures that shall be announced by the U.S. Treasury. CNPC is worried that the company is likely to be hit by the secondary sanctions."

A second person, an executive with a key marketer of Venezuelan oil in China, said his company had been notified of the suspension. We were told that Chinaoil will not load any oil in August. We don't know what will happen after.

Chinaoil is the trading vehicle of CNPC that lifts Venezuelan oil under term contracts and is one of Caracas' top oil clients.

The Trump administration in early August froze all Venezuelan government assets in the United States and US officials ratcheted up threats against companies that do business with Venezuela.

Source :

Posted By : Sanju Moirangthem on Wed, 21 Aug 2019
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