PDVSA and CNPC subsidiary to cooperate on Venezuelan gas pipeline

PDVSA and China Petroleum Technology and a subsidiary of China National Petroleum Corp., are studying the possibility of building a gas pipeline to a Venezuelan power plant.
By Staff reporter 14 November 2017 0 28380

Venezuelan state-run PDVSA and China Petroleum Technology and Development Corp., a subsidiary of China National Petroleum Corp., are studying the possibility of building a gas pipeline to Venezuela’s Josefa Joaquina Sánchez Bastidas power plant.

“This gas pipeline will allow the use of gas and a saving of 10,000 barrels per day [of oil], “ PDVSA President Nelson Martinez said in a statement.

Fitch cut PDVSA’s credit rating from ‘CC’ to ‘C’ last week, with Venezuela on the brink of a debt default.

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