China on Tuesday called for the protection of its “legitimate rights and interests” in Venezuela following reports that a US-backed oil company will take over several oil fields previously operated by Chinese and Russian firms.
“China’s legitimate rights and interests in Venezuela must be safeguarded,” Foreign Ministry spokesman Guo Jiakun said, according to state-run Global Times.
Guo said cooperation between Beijing and Caracas is protected by international law and the laws of both countries, adding that relations between states should be conducted in accordance with the purposes and principles of the UN Charter.
His remarks came after US officials said North American Blue Energy Partners (NABEP) would take over several Venezuelan oil fields previously controlled by Chinese and Russian companies.
The White House said Venezuela’s interim authorities had granted NABEP 100-year concessions for 17 oil fields containing around 65 billion barrels of proven reserves. Washington will hold a 35% stake in NABEP’s parent company and have preferential access to 20% of its oil production at cost, CNBC reported.
Five of 14 newly awarded projects had previously been operated by Chinese companies, including fields involving Sinopec, China National Petroleum Corp. and China Concord Resources, according to Reuters.
The White House described the agreement as part of President Donald Trump’s effort to reduce Chinese and Russian influence in Venezuela’s energy sector and strengthen US control over energy supplies in the Western Hemisphere.