Chinese President Xi Jinping (2nd R) and his wife Peng Liyuan (1st R) pose for a group photo with Venezuelan President Nicolas Maduro (2nd L) and his wife in Beijing, capital of China, Sept. 14, 2018. Xi held talks with Maduro in Beijing on Friday. (Xinhua/Ju Peng)
Houston chronicle/Bloomberg: Venezuela’s oil woes deepen as Chinese contractor halts work
A Chinese oil contractor halted work on an expansion project in Venezuela because it hasn’t been paid, underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies.
China Huanqiu Contracting and Engineering Corporation, an affiliate of government-run China National Petroleum Corp., notified the Sinovensa joint venture it has suspended work to expand a crude blending facility by 57% to 165,000 barrels a day, according to a document seen by Bloomberg and a person familiar with the matter.
That’s in contrast to comments from state-controlled Petroleos de Venezuela SA last month announcing a second expansion to take output to 230,000 barrels a day at the project, which is jointly owned by PDVSA and CNPC -- China’s biggest energy company.
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WNU Editor: The Chinese have had enough.
3 comments:
The struggle of trying to be a super power is that you have all these gzillion of connection and dependencies, and none seem to work for China. Not even their own, almost completely state controlled islands, like Hong Kong, want part of it :D Now another xx billion (and xxx billion over 10 years accrued) loss for China from their Venezuela bet. They also have bets going with Syria, North Korea and Iran (together in the trillions over x years), and another bet in xx trillions in debt and IP theft and currency manipulation with the USA.. guess who's on the other side of that bet? The entire f*ing world lol.. so the Chinese keep betting, and they keep losing. Trick to win longterm in any house, and ask any gambler that, is to be friend with the guy or girl who throws the dice or who rolls the ball @ Roulette. All the same. Just the name changes, and the bank will want back their money...
other bets of China:
- environment (see who likes living there)
- citizen point system (see point above)
- bullying everyone in the south china sea and trying to make strategic partners at same time (LOL! what a smart bet)
- building skyscrapers and entire city betting they will come (we saw how that worked out)..
Bet, after bet, after bet. And we call them smart? We say they play the "long game"? What game? They are about to be kicked out the door with no clothes on.
Yep.
There is also likely a growing number of disappointed Chinese workers who are seeing their paycheck shrinking. Not good.
They do not have the financial controls like we do. We are blessed in that we grew and learned these as honest people do. The Chinese, like the Russians after the wall did not learn these controls nor are interested in them thus they fail. Simple.
Here is a free one from everyday business life; do not preinvest. Meaning do not overspend cash. Spend cash with a clear ROI.
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