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Venezuela-China Relationship Sours as Sinopec Sues PDVSA

China Petroleum & Chemical Corp., the state-controlled oil company, is suing Petroleos de Venezuela SA in U.S. courts for unpaid bills. Sinopec, as the Chinese company is known, also filed a request for arbitration against PDVSA at the International Chamber of Commerce, as it alleges damages of at least $23.7 million, according to court papers. The development comes almost three months after PetroChina Company Ltd advised its U.S. unit to avoid any involvement in future loans to PDVSA.

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