Venezuela Plans To Revive Its Oil Industry Despite U.S. Sanctions

The country has already managed to get around many restrictions with the help of intermediaries, through its strong partnership with China. China Concord Petroleum Co., Limited, CCPC, has long been tied to Iranian oil, much to the disdain of the USA. However, it seems that it is now also getting involved with Venezuelan oil. Despite threats from the U.S. that it will impose sanctions on any entity aiding the oil industries of sanctioned countries, such as Iran and Venezuela, CCPC started working with Venezuelan oil firms alongside independent Chinese refiners earlier in 2021, bringing 14 tankers within the last year to ship crude oil out of both Venezuela and Iran. By Felicity Bradstock. Full Text-> OilPrice

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