Financial Times: Sinopec settles with Venezuela’s PDVSA, ending 5-year dispute

“That’s how cash poor and badly run PDVSA is,” said Russ Dallen of boutique investment bank Caracas Capital, who first made the dispute public. “They are sitting on top of the biggest oil reserves in the world and they can’t even write a cheque for $21.5m dollars.”

He said worldwide publicity about the case over the past week had piled shame on PDVSA and the government in Caracas, “and they wanted it to go away as quickly as possible.”

https://www.ft.com/content/c6a15e81-c2a8-3574-9a1b-7257eb529dae

LAHT: Venezuela’s PDVSA Pays China’s Sinopec To Settle Dispute … After 6 Years

“Here’s the most telling thing about the settlement,” says Russ Dallen, head of investment bank Caracas Capital, who follows Venezuela closely and uncovered the lawsuit. “The dispute was not a huge amount of money in light of the $60 billion that China has loaned to Venezuela — it was only $23 million dollars — but even though Venezuela sits atop the largest oil reserves in the world, PDVSA is so badly run and so cash-poor and so full of corruption that they can’t even scoop together $23 million at one time to make this all go away.”

http://www.laht.com/article.asp?ArticleId=2447557&CategoryId=10717

Sinopec Settles PDVSA’s Cabilla Shaft

“That’s how cash poor and badly run PDVSA is,” said Russ Dallen of boutique investment bank Caracas Capital, who first made the dispute public. “They are sitting on top of the biggest oil reserves in the world and they can’t even write a cheque for $21.5m dollars.” He said worldwide publicity about the case over the past week had piled shame on PDVSA and the government in Caracas, “and they wanted it to go away as quickly as possible.”

https://www.caracaschronicles.com/2017/12/12/sinopec-settles-pdvsas-cabilla-shaft/