Reuters reveals Venezuela-China shipping venture falls apart

Reuters broke the news that a shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil. PetroChina Co Ltd, which had been state-run PDVSA’s partner in a Singapore-based joint venture, took control of the three ships after U.S. sanctions on the Venezuelan company left the vessels without insurance.