China demands rights guarantee as US firm secures 100-year Venezuelan oil deal

China has demanded protection of its interests in Venezuela after a US-backed energy company was granted 100-year concessions covering oilfields previously operated by Chinese and Russian firms.
“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.
The White House said most of the fields had previously been “controlled or operated by Russian and Chinese firms”, or by associates of former president Hugo Chavez and his successor, Nicolas Maduro, whom the US abducted earlier this year.
Washington later backed Vice-President Delcy Rodriguez as interim leader. China limited its response largely to diplomatic protests, despite Venezuela being a major oil supplier in Latin America for Beijing.
The US described the arrangement as part of an effort to “reassert the Monroe Doctrine” and “expel foreign adversaries from our hemisphere”, while accusing China, Russia and Cuba of benefiting from Venezuela’s resources while failing to invest in its infrastructure and development.
The White House also said NABEP had granted the US Defence Department’s Office of Strategic Capital a 35 per cent stake in its parent company, potentially giving Washington access to “hundreds of billions” of US dollars in value and dividends.
The agreement carries added political significance in Washington, where the Donald Trump administration is under pressure to contain fuel prices that have risen amid America’s war with Iran, months before the US congressional midterm elections in November.
Yet, any increase in Venezuelan oil output is likely to require substantial investment and take time.
Venezuela has the world’s largest proven oil reserves, but years of mismanagement, underinvestment and sanctions have left production well below capacity.