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Venezuela oil industry woes hit China’s Petro-King

Services provider Petro-King warned investors of a slowdown

Chinese oilfield services provider Petro-King warned investors this week that a slowdown in its Venezuelan business would lead to a significant fall in profits for the first half of this year, making it the latest company to be hit by deteriorating conditions in Venezuela’s oil industry. Petro-King said that it had been forced to delay the delivery of goods and services to Venezuela’s state-run PdV after late payment from the national oil company. It also said that it has seen rising operating costs in the country, where the inflation rate is running at more than 50%.  Petro-King has complained for months about delayed payments – thought to be around $20 million -- from the financially tro

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