China’s Top Oil Producer Prepares to Revive Venezuela Operations
- CNPC sending engineers, commercial staff to OPEC-member nation
- Maduro government readies oil law to attract foreign firms
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China’s top oil producer is laying the groundwork to revive output in Venezuela as President Nicolas Maduro finalizes legislation to attract more international investment.
Once a major investor in the OPEC nation, China National Petroleum Corp. is sending engineers and commercial staff there and vetting local companies for maintenance work at an oil-blending facility it operates with Petroleos de Venezuela SA, according to people with direct knowledge of the firm’s actions, who asked not to be named because the information isn’t public. CNPC is also contacting local service providers to potentially boost crude output at five other ventures with the Venezuelan state producer, the people said.