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China Urges Protection of Its Interests in Venezuela Amid Oil Field Takeover
(MENAFN) China calls for the protection of its “legitimate rights and interests” in Venezuela after reports emerge that a US-backed energy company is preparing to assume control of several oil fields previously operated by Chinese and Russian companies.
Chinese Foreign Ministry spokesman Guo Jiakun says Beijing expects its interests in Venezuela to remain protected, stressing that economic cooperation between the two countries is governed by international law as well as the domestic laws of both nations.
“China’s legitimate rights and interests in Venezuela must be safeguarded,” Guo Jiakun said.
He also emphasizes that relations between countries should be based on the purposes and principles established by the UN Charter, amid growing uncertainty over the future of foreign-operated oil assets in Venezuela.
The comments come after US officials announce that North American Blue Energy Partners (NABEP) is set to assume control of several Venezuelan oil fields previously managed by Chinese and Russian companies.
According to reports, Venezuela’s interim authorities have awarded NABEP concessions lasting 100 years covering 17 oil fields with approximately 65 billion barrels of proven reserves.
Under the reported arrangement, Washington is expected to hold a 35% interest in NABEP’s parent company and receive preferential access to 20% of the company’s oil output at cost.
Chinese Foreign Ministry spokesman Guo Jiakun says Beijing expects its interests in Venezuela to remain protected, stressing that economic cooperation between the two countries is governed by international law as well as the domestic laws of both nations.
“China’s legitimate rights and interests in Venezuela must be safeguarded,” Guo Jiakun said.
He also emphasizes that relations between countries should be based on the purposes and principles established by the UN Charter, amid growing uncertainty over the future of foreign-operated oil assets in Venezuela.
The comments come after US officials announce that North American Blue Energy Partners (NABEP) is set to assume control of several Venezuelan oil fields previously managed by Chinese and Russian companies.
According to reports, Venezuela’s interim authorities have awarded NABEP concessions lasting 100 years covering 17 oil fields with approximately 65 billion barrels of proven reserves.
Under the reported arrangement, Washington is expected to hold a 35% interest in NABEP’s parent company and receive preferential access to 20% of the company’s oil output at cost.
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