To dodge sanctions Venezuela turns to Asia asphalt giant
One of Asia's biggest asphalt companies, Tipco Asphalt, is helping Venezuela skirt harsh U.S. sanctions by moving hundreds of millions of dollars on behalf of the state-run oil company PDVSA, according to an Associated Press investigation. (AP Photo/Gemunu Amarasinghe)MIAMI โ Back in January, a yearlong campaign of U.S. sanctions was taking its toll at Venezuelaโs state-run oil company. Two other family members also appear to have worked at the company, according to public records. He said the legal advice Tipco received, including from U.S. firms, never indicated itโs crude procurement from Venezuela violated sanctions. Thatโs far in excess of what shouldโve been a roughly $8 per barrel discount for the tar-like blend of crude, according to Venezuelaโs publicly-available pricing formula for Asia.