Venezuela’s Oil Nationalization Tests Chinese Oil Companies

Will Chinese oil companies survive from Venezuela’s move of nationalizing its oil industry? Or will they get more benefits from such kind of move? Venezuelan President Hugo Chavez on May 1 announced the nationalization of his country’s oil industry.

Moreover, it is learned that CNPC will cooperate with the Venezuelan side to build three refineries in China with a total capacity of processing 800,000 barrels of Venezuelan heavy crude per day, which would be likely completed in two or three years.

rigzone