Venezuela quickly resolves financial dispute with China
(World News USA)

CARACAS, Venezuela (AP) - Venezuela`s cash-strapped government has quickly settled a lawsuit filed by a state-run Chinese company, making good on an unpaid bill and appeasing an important ally that holds billions in the South American country`s debt. The state-owned oil company PDVSA agreed to pay $21.5 million to a U.S. subsidiary of the Chinese company Sinopec. The payment is for a 45,000-ton shipment of steel rebar delivered in 2013. The countries reached the settlement Monday, two weeks after Sinopec filed suit in a Houston federal court. The dispute arose at a time when Venezuela is trying to renegotiate billions of dollars in foreign debt amid soaring inflation and U.S. sanctions. ......