On 8 October, AP published a long article saying that the Venezuelan oil company turned toa longtime client from Thailand, Tipco Asphalt, to blunt the impact of US sanctions: in exchange for deep discounts on oil, Tipco would pay PDVSA’s obligations and deduct the amounts from what it owed the Venezuelan oil giant, according to records obtained by The Associated Press. The documents — invoices, contracts, shipping records, and wire receipts — were provided to the AP by a former PDVSA consultant located outside of Venezuela. Tipco is one of Asia’s largest distributors of asphalt for roads, highways, and airport runways, with revenue last year of over $1.2 billion, according to its annual report. The article also says that also paid through Tipco is the Prague-based affiliate of Dentons, one of the world’s largest law firms.
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