PetroChina to drop PDVSA as partner in refinery project - sources

1. An e-mail response from PetroChina’s public relations company Hill+Knowlton Strategies only stated “China-Venezuela Guangdong Petrochemical Co Ltd is a joint venture company approved by the state,” referring to the formal name for the company set up by Petrochina and PDVSA to develop the refinery.
2. SINGAPORE (Reuters) - PetroChina Co plans to drop Petroleos de Venezuela SA (PDVSA) as a partner in a planned $10 billion oil refinery and petrochemical project in southern China, said three sources familiar with the matter this week.
3. However, dropping the company was not a reaction to the U.S. sanctions but follows the deteriorating financial status of PDVSA over the past few years, said two of the sources, both executives with China National Petroleum Corp, the parent of PetroChina.
4. Under the revised plan, the refinery will not be restricted to Venezuelan oil but could process other so-called heavy crude grades that could come from Middle Eastern producers such as Saudi Arabia and Iran, said the third official, a PetroChina trading executive.
5. China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018.

https://www.reuters.com/article/us-cnpc-refinery-pdvsa-exclusive/exclusive-petrochina-to-drop-pdvsa-as-partner-in-refinery-project-sources-idUSKCN1PP0Y4