Right under the radar, Venezuela is getting dumped by its two sugar daddies, Russia’s state-linked Rosneft energy giant, and China’s state-linked PetroChina. Bye-bye money, because this is a big blow.
The pair of them were slated to run two of the three of Venezuela’s monster-big refineries in the Paraguana complex, Amuay and Cardon, two refineries that were the crown jewel of Venezuela’s global oil presence. Back in the 1990s, these were the most advanced and best-run refineries in the world.
Today, they have fallen into such a state of shambles even the Russkis and Chicoms won’t touch them. According to a report from Kallish Energy, the repair costs of the Chavista-managed socialist-run rubble is $10 billion with a ‘b.’ They’d have to shell that out just to get the darn things running and then would get ten years to run them and sell their products before forking them back over, free of charge, to the Venezuelan Chavista government, which ruined them in the first place.
Read more here.
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