Sinopec Sues PDVSA as Relations Fray
Sinopec USA, a subsidiary of Chinese oil and gas conglomerate Sinopec, has sued Venezuela's state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The lawsuit asks for $23.7 million for breach of contract and conspiracy to defraud. The legal action signals a split with another of Venezuela's biggest backers as the cash-strapped country…
Venezuela Meets Creditors in Bid to Dodge Default
Venezuela opens talks with creditors on Monday to renegotiate a crippling debt that has left citizens sifting through garbage for food, as the once-prosperous OPEC nation seeks to avert a default that would plunge its economy into deeper crisis. President Nicolas Maduro's government has summoned to Caracas investors who hold some $60 billion in junk bonds in a desperate bid to shore up public finances squeezed by the unraveling socialist economy.
