Venezuela says it will fully respect oil deals signed with China and Russia

Venezuela says a new oil agreement with the United States will not push China and Russia out of the country’s energy sector. “We have agreements with China and Russia, and they are mixed companies authorized to carry out ongoing primary activities. We are very respectful of those agreements,” Hydrocarbons Minister Paula Henao said in an interview with Venevisión.

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We have agreements with China and Russia, and they are mixed companies authorized to carry out ongoing primary activities. We are very respectful of those agreements.

Henao was asked whether Chinese and Russian interests would be excluded after the Caracas-Washington deal, which covers the exploitation of a fifth of Venezuela’s oil reserves. She said mixed companies in which the two countries participate “will continue carrying out their activities.”

The White House recently said most of the fields covered by the bilateral agreement had previously been controlled or operated by Russian and Chinese companies, or by corrupt allies of Nicolás Maduro and Hugo Chávez. It accused those foreign actors of stripping Venezuela’s resources for the benefit of U.S. adversaries, including Cuba, Russia and China, while failing to invest in infrastructure and development.

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will continue carrying out their activities.

China demanded safeguards for its interests after reports said the new agreement could affect fields operated by Chinese companies such as Sinopec and CNPC. “China’s legitimate rights and interests in Venezuela must be safeguarded,” Foreign Ministry spokesman Guo Jiakun said. He added that cooperation between China and Venezuela is protected by international law and the laws of both countries.

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China’s legitimate rights and interests in Venezuela must be safeguarded.