PDVSA, the Venezuelan state oil company, has settled in a US court with Sinopec, its Chinese counterpart, less than a week after a five-year-old dispute became public.
It brings a rapid end to a drawn-out battle that shadowed a gradual souring in relations between the world’s biggest emerging economy and the holder of the world’s biggest proven oil reserves.
In a document filed on Tuesday in a US district court in Houston, Texas, PDVSA said that, “without implying acknowledgment of fault or responsibility but for the sole purpose of ending the controversy [between Sinopec USA and PDVSA]”, it agreed to pay Sinopec $21.5m, settling a contract agreed in May 2012.
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