Motorists line up for fuel at a gas station belonging to the Venezuelan state-owned oil company PDVSA in Caracas. REUTERS/Marco Bello
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Venezuela's state-run PDVSA is siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries, two sources close to the matter said, at a time when late debt payments have triggered defaults. PDVSA asked its Petropiar joint venture with Chevron Corp to turn over as much as 45 percent of the oil it planned to export in November with no immediate reimbursement, one of the sources said this month.In addition to the Petropiar joint venture with Chevron, PDVSA has this year taken oil for its domestic refineries from its Petrocedeno project with Total SA and Statoil.The joint ventures are expected to be compensated for the diverted oil through dividends paid to the partners. However, some foreign oil firms operating in Venezuela have been unable to repatriate such payments to their parent companies.
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