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Even Venezuela’s sugar daddies, Russia and China, are bailing out

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.

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