China Demands Protection of Its Venezuela Interests After Oil Deal With US

China has demanded protection for its interests in Venezuela after reports that a new oil agreement between Caracas and Washington could displace Chinese companies from several fields.

“The legitimate rights and interests of China in Venezuela must be safeguarded,” Foreign Ministry spokesman Guo Jiakun said at a news conference. He did not confirm reports that a US company would assume control of fields previously operated by China’s state-owned Sinopec and CNPC. Guo said Beijing had “taken note of the reports.”

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The legitimate rights and interests of China in Venezuela must be safeguarded.

He added that China-Venezuela economic cooperation “is protected by international law and the laws of both countries.” Economic and trade relations between nations, he said, should follow the principles of equality and mutual benefit.

Chinese companies have held major interests in Venezuela’s oil sector for years. CNPC and Sinopec have participated in exploration and production projects during the close economic relationship between Beijing and Caracas under successive Chavista governments.

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Taken note of the reports.

The United States and Venezuela announced the oil agreement on Friday. Under the reported terms, Washington would control more than 20% of Venezuela’s crude reserves, while the 25-year pact would cover 17 strategic fields with a proven potential of 65 billion barrels. The agreement sets a target of more than 1.5 million barrels per day.

The deal followed the capture of Nicolás Maduro during a US operation in January. Since then, Washington has supported the government led by interim President Delcy Rodríguez, restored diplomatic ties with Caracas and eased sanctions. The reported economic relief, however, has not yet reached the daily lives of Venezuelans.

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Is protected by international law and the laws of both countries.