China demands rights guarantee as US firm secures 100-year Venezuelan oil deal

China has demanded protection for its interests in Venezuela after a U.S.-backed energy company received century-long concessions covering oilfields previously operated by Chinese and Russian companies.

Foreign Ministry spokesman Guo Jiakun said in Beijing that China’s cooperation with Venezuela is protected by international law and the laws of both countries. He said China’s legitimate rights and interests in Venezuela must be guaranteed.

“Economic and trade cooperation between countries should follow the principles of equality, mutual benefit and win-win cooperation,” Guo said.

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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.

The White House said Venezuela’s interim authorities had granted North American Blue Energy Partners, or NABEP, concessions covering 17 oilfields. The fields have proven reserves of about 65 billion barrels, according to the White House.

NABEP is described as Venezuela’s second-largest private oil producer. The concessions have prompted Beijing to publicly call for its existing interests to be protected.

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Economic and trade cooperation between countries should follow the principles of equality, mutual benefit and win-win cooperation.