PDVSA falls behind on oil-for-loan deals with China, Russia (Petroleum World)

Petroleum World

Venezuela's state-run oil company, PDVSA, has fallen months behind on shipments of crude and fuel under oil-for-loan deals with China and Russia, according to internal company documents reviewed by Reuters.

The delayed shipments to such crucial political allies and trading partners – which together have extended Venezuela at least $55 billion (£43.9 billion) in credit – provide new insight into PDVSA's operational failures and their crippling impact on the country's unravelling socialist economy.

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