Chinese company suspends contract extending petroleum project

Due to lack of payment, China Huanqiu Contracting and Engineering Corporation, which is a subsidiary of China National Petroleum, communicated the company Sinovensa that suspended the works of an oil project that was being held in Venezuela. The activity would prolong the company's installation capacity to produce 165,000 barrels per day.

According to information disclosed by the Chinese company, Sinovensa owed more than US $52 million on invoices since 2018 and its suspension would be from this week onwards. With a not very good scenario, Chevron and four more U.S. companies will also terminate their operations in the country from October.

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