Chinese state-controlled oil frm PetroChina has called off con- struction of the 400,000 b/d Jieyang joint-venture refinery in south China as the economics of the project no longer justify investment. This could make it harder for Venezuela to repay its debts to China. The refinery in Guangdong province has progressed little. PetroChina said it started construction in 2012. Work on the project was suspended because of disagreements between Venezuelan state-owned oil frm PdV and PetroChina on crude pricing, but the project has been offcially called off in recent months, company sources at PetroChina said.
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