China defends its rights in Venezuela amid US-backed oil concessions
Quick Look
China's foreign ministry spokesman Guo Jiakun stated that China-Venezuela cooperation is protected by international law and that China's legitimate rights and interests in Venezuela must be guaranteed, following the White House's announcement that Venezuela's interim authorities granted North American Blue Energy Partners concessions covering 17 oilfields with about 65 billion barrels of proven reserves.
AI-generated summary
Why It Matters
China and Venezuela have maintained economic and diplomatic ties, with China being a significant investor in Venezuela's oil infrastructure. The White House's announcement regarding NABEP concessions reflects US engagement with Venezuela's interim authorities.
“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,” foreign ministry spokesman Guo Jiakun said in Beijing on Tuesday.
“Economic and trade cooperation between countries should follow the principles of equality, mutual benefit and win-win cooperation.”
The demand came after the White House said Venezuela’s interim authorities had granted North American Blue Energy Partners, or NABEP, concessions covering 17 oilfields with proven reserves of about 65 billion barrels.
The company is Venezuela’s second-largest private oil producer.
What to Watch
AI outlook — possibilities, not facts
China will seek diplomatic or legal avenues to protect its interests in Venezuela's oil sector.
Likely · Within weeks
Open Questions
- What is the legal basis for Venezuela's interim authorities granting oil concessions?
- How will China respond to the NABEP concessions in practice?
- What are the terms of the NABEP concessions?
- Does China have existing oil investments in the 17 oilfields mentioned?
