China demands guarantees for its oil interests in Venezuela after North American Blue Energy Partners receives new concessions
China has requested that Venezuela guarantee its legitimate rights and interests in the country's oil sector. This demand follows the news that Venezuela's interim authorities granted North American Blue Energy Partners concessions for 17 oilfields with proven reserves of approximately 65 billion barrels. North American Blue Energy Partners is the second-largest private oil producer in a country where China has significant existing investments. Foreign ministry spokesman Guo Jiakun stated that China-Venezuela cooperation is protected by international law and the laws of both countries. Guo Jiakun emphasized that economic and trade cooperation between countries should follow the principles of equality, mutual benefit, and win-win cooperation. The administration announced that the cooperation between China and Venezuela is a key component of the global energy market.
Sources
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China demands rights guarantee as US firm secures 100-year Venezuelan oil deal
South China Morning Post
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Trump's oil deal with Venezuela raises red flags for some major producers, sources say
Reuters