Vietnam’s Multi-Million Dollar Oilfield Loss in Venezuela

The U.S sanctions causing economic collapse in Venezuela and in turn cause a  multi-million dollar loss for Vietnam.

The Vietnam – Venezuela $12 billion oilfield project was launched in June 2010. The project was managed by PetroMacareo, a joint venture between PVN subsidiary PetroVietnam Exploration Production (PVEP) and Venezuelan state-owned Petroleos de Venezuela (PDVSA). The first phase was expected to have a daily output of 50,000 barrels, with 200,000 barrels coming in the second phase, and Vietnam was counting on profits within seven years.

PVN had moved to terminate the project after asking to delay the transfer of another $142 million “contract bonus.” PVN explained that Venezuela’s investment environment was not suitable, especially due to the country’s extremely high inflation rate and long-standing currency control system that complicated payments to foreign companies. – read more

The first UN rapporteur to visit Venezuela for 21 years has told ‘The Independent newspaper’ the US sanctions on the country are illegal and could amount to “crimes against humanity” under international law.

Former special rapporteur Alfred de Zayas, who finished his term at the UN in March, has criticized the US for engaging in “economic warfare” against Venezuela which he said is hurting the economy and killing Venezuelans. – read more

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