China demands rights guarantee as US firm secures 100-year Venezuelan oil deal
China has demanded protection of its interests in Venezuela after a US-backed energy company was granted 100-year concessions covering oilfields previously operated by Chinese and Russian firms. “China-Venezuela cooperation is protected by international law and the laws of both countries. China’s legitimate rights and interests in Venezuela must be guaranteed,” foreign ministry spokesman Guo…
China has demanded the protection of its interests in Venezuela following the granting of 100-year oil concessions by the US to a company called North American Blue Energy Partners. The spokesman for China's foreign ministry, Guo Jiakun, emphasized that China's rights and interests in Venezuela must be guaranteed, in line with international law and bilateral agreements.
This demand arose after the US announced that NABEP had obtained concessions over 17 oilfields with an estimated 65 billion barrels of oil reserves. Most of these fields were previously controlled by Russian, Chinese, or associates of former Venezuelan President Hugo Chavez and current leader Nicolas Maduro. Despite being a major oil supplier for Beijing, China only issued diplomatic protests.
The US administration views the deal as an attempt to strengthen the Monroe Doctrine and sideline foreign adversaries in the hemisphere. Moreover, NABEP granted the US Defense Department's Office of Strategic Capital a 35% stake in its parent company, potentially providing Washington access to billions in potential revenue.
Written by urgent.news from Reuters Business via SCMP's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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