Well-known Chinese news site Sina recently reported that one of the branches of Sinopec (China Petroleum and Chemical Corporation) in the United States filed a lawsuit against PDVSA (Spanish: Petróleos de Venezuela, S.A., English: Petroleum of Venezuela), seeking a US$23.7 million sales payment plus damages. The lawsuit was based on a 2012 contract to supply US$43.5 million worth of steel. Half of the delivered products were not paid for. Sinopec accused PDVSA of using a proxy company intentionally as it never had enough funds to make the purchase. It was in PDVSA’s original plan to take this approach in order to prevent Sinopec from obtaining reparations. The Chinese state-owned Sinopec is Asia’s largest oil refining and petrochemical enterprise; it ranked number five on the Fortune 500 World list in 2011 and in 2014.
Source: Sina, December 7, 2017
http://finance.sina.com.cn/stock/usstock/c/2017-12-07/doc-ifypikwu3776757.shtml