Chinese Company Sues Venezuela over Failure to Pay Debt

One of China’s largest state-owned companies has filed a lawsuit against the Venezuelan state-run oil firm Petroleum of Venezuela (PDSVA) over their failure to pay their debt, the Financial Times first reported. The oil and gas company Sinopec filed a lawsuit on November 27 in a Houston, Texas, federal court for $23.7 million plus interest and damages over Venezuela’s failure to pay half of a $43.5 million order for steel products, accusing the PDSVA of a “disingenuous nature [and] feigned promises to make full payment.”-- More....