China suspends purchase of Venezuelan oil – Aljazeera.com

China‘s largest energy company, the China National Petroleum Corporation (CNPC), is backing away from direct purchases of Venezuelan crude as the United States tightens sanctions against Caracas.

CNPC has cancelled plans to load about five million barrels of Venezuelan oil onto ships this month, Qatar News Agency reported. This comes after the latest executive order from US President Donald Trump, ratcheting up threats against companies that do business with Venezuela.

It is thought to be the first time in 10 years that Beijing has refused to buy Venezuelan oil, and follows a meeting between CNPC executives and senior US diplomats, a source told Reuters news agency.

Chinese and international media said an interruption in August would not mean a complete break in communication between China and Venezuela over oil.

Washington froze Venezuelan government assets held in the US in early August. Further guidelines are expected to be issued by the US Treasury, but the Trump administration has been trying to unseat socialist President Nicolas Maduro since at least his 2018 re-election.

Trump’s executive order on August 5 did not explicitly prohibit non-US companies from doing business with Venezuela’s state-run company PDVSA but did threaten to freeze US assets of any person or company determined to have “materially assisted” the Venezuelan government.

Powered by WPeMatico

AdSense

About Juan Rodulfo 3373 Articles
Defined by Nature: Planet Earth Habitant, Human, Son of Eladio Rodulfo & Briceida Moya, Brother of Gabriela, Gustavo & Katiuska, Father of Gabriel & Sofia; Defined by the Society: Venezuelan Citizen (Human Rights Limited by default), Friend of many, Enemy of few, Neighbor, Student/Teacher/Student, Worker/Supervisor/Manager/Leader/Worker, Husband of Katty/ Ex-Husband of K/Husband of Yohana; Defined by the US Immigration System: Legal Alien; Defined by the Gig Economy: Independent Contractor Form 1099; Studies in classroom: Master Degree in Human Resources Management, English, Chinese Mandarin; Studies at the real world: Human Behavior; Studies at home: Webmaster SEO, Graphic Web Apps Design, Internet & Social Media Marketing, Video Production, You Tube Branding, Trading, Import-Exports, Affiliate Marketing, Cooking, Laundry, Home Cleaning; Work experience: Public-Private-Entrepreneur Sectors; Other Definitions: Bitcoin Evangelist, Human Rights Peace and Love Advocate. Author of: Why Maslow: How to use his theory to stay in Power Forever (EN/SP), Asylum Seekers (EN/SP), Manual for Gorillas: 9 Rules to be the “Fer-pect” Dictator (EN/SP) Social Media profiles: Twitter/FB/Instagram/VK/Linkedin/Sina Weibo: @rodulfox