Sinopec USA, a subsidiary of Chinese oil and gas conglomerate Sinopec, has sued Venezuela’s state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The legal action signals a split with another of Venezuela’s biggest backers as the cash-strapped country seeks to restructure some $60 billion in debt in a landscape of low oil prices and production. “This is a further sign of frostiness in the Chinese-Venezuelan relations.” PDVSA declined to comment.
