Venezuela's state oil company PDVSA is owed $230 million by bankrupt U.S. chemicals group Lyondell Chemical Co, Oil Minister Rafael Ramirez said on Friday. Lyondell's U.S. operations filed for Chapter 11 bankruptcy protection on Jan. 6 weighed down by heavy debts, volatility in oil prices and reduced demand due to the economic downturn. PDVSA sold its stake in a joint venture with Lyondell in 2007 but still supplied the U.S company.
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