📰 NEWS | China Demands Respect for Venezuela Investments amid Oilfield Transfers to US-Controlled Operator
China has called for its “legitimate rights and interests” in Venezuela to be protected following reports that oil projects involving Chinese and Russian companies will be transferred to US-backed North American Blue Energy Partners (NABEP).
The corporation is set to receive long-term concessions for 17 oilfields holding 65 billion barrels of proven crude reserves. Five of the projects reportedly involve Chinese firms including CNPC and China Concord Petroleum, while another is believed to be operated by a PDVSA-Russian joint venture.
The Trump administration has presented the agreement as a victory for the Monroe Doctrine and says it will secure US energy dominance “for the next century.” China, meanwhile, called for Venezuela-related economic and trade relations to follow “equality and mutual benefit.”
The US factsheet says the concessions will last 100 years, while Acting President Delcy Rodríguez has said the agreement covers 25 years.
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China Demands Respect for Venezuela Investments amid Oilfield Transfers to US-Controlled Operator - Venezuelanalysis
The White House hailed the oil deal displacing China and Russia as a triumph for the Monroe Doctrine that will secure US energy dominance “for the next century.”
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