http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-05-10 04:52:202018-05-10 04:52:20Venezuela's PDVSA Sued For $25 Million In US Over Non-Payment
Venezuela’s PDVSA Sued For $25 Million In US Over Non-Payment
Venezuela’s state-run oil firm PDVSA (Petróleos de Venezuela SA) is being sued for more than $25 million in the U.S. over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, according a court filing.
The suit, filed on May 9 in a district court in Manhattan, is the latest in a recent series of legal filings seeking to press the cash-strapped oil firm and its refining subsidiary for payment, with actions in recent days by U.S. oil producer ConocoPhillips Co. (NYSE: COP) and Canadian mining company Rusoro.
PDVSA’s deteriorating infrastructure and declining oil export revenues have thrown Venezuela into severe recession. The recent court actions have cut its ability to run oil storage, processing and blending facilities that feed its exports.