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 seeks to restructure some $60 billion in debt in a landscape of low oil prices and production.
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.
Smith Joins Executive Team of Voith Turbo
Elliott Smith has joined Voith Turbo’s Power, Oil & Gas Division as Vice President of Business Development and Strategy. Smith will be based at the recently-opened office in Houston’s energy corridor. “Elliott’s leadership and experience in business development will be valuable assets as we look to expand our footprint in the oil and gas market,” said Ron Wilson, President Americas of the Power, Oil & Gas Division.
