PDVSA canceled a contract with Maroil Trading Inc., according to Venezuelan shipping magnate Wilmar Ruperti, owner of the trading firm. The move came after an internal audit, ordered by newly appointed Petroleos de Venezuela SA chief Pedro Tellechea, found discrepancies in payments. At the heart of the current disagreement between Rupert and the state company is a five-year contract signed in 2016. The state oil company did not respond to multiple requests for comment. In March, Reuters reported that Maroil owed the state oil company $432 million.

Source: Daily Nation July 07, 2023 02:46 UTC