No honor among comrades...
What’s a Socialist to do when a Communist goes all capitalist on them?
According to the latest revelation from WikiLeaks and published by the Spanish newspaper "El Pais," an official (name redacted) from Venezuela’s state-owned oil company, Petróleos de Venezuela (PdVSA), complained to visiting U.S. economic officers last February that China was profiting handsomely from a sweetheart deal between Caracas and Beijing.
First, some background. Perhaps you have not noticed, but Venezuelan President Hugo Chavez, does not like the United States. (See: Venezuela's Chavez Moves Again to Rule By Decree) There have been anecdotal reports since 2003 (i.e., since Chavez purged commercial talent at PdVSA and replaced them with political lackeys) that he has diverted cargoes destined for the U.S Gulf Coast (GoM) towards China.
Given that China, unlike the U.S., lacks downstream capacity to refine heavy Venezuelan oil, the obvious question has always been… what was in it for the Chinese? As we have just learned from WikiLeaks, apparently a lot.
For instance, a round trip from Venezuela’s export terminals to U.S. GoM ports is around 3,600 miles as opposed to 17,000 miles (via the Panama Canal) to China.