Venezuela guaranteed it will respect the existing oil agreements with China and Russia. The Minister of Hydrocarbons, Paula Henao, stated in an interview with the Venevisión channel that the joint ventures authorized to carry out oil activities in those countries "will continue to carry out their activities" and that Venezuela highly respects these agreements.
This guarantee comes in a context of turmoil following an agreement between Caracas and Washington to explore a fifth of Venezuelan crude oil reserves. The White House declared that the majority of oil deposits covered by the bilateral agreement were previously controlled by Russian and Chinese companies, or by allies of former president Hugo Chávez and current president Nicolás Maduro. Washington criticized that these "malicious foreign actors" would have looted Venezuelan resources for the benefit of United States adversaries.
China demanded that its interests in Venezuela be safeguarded after news that the agreement could affect fields where Chinese state-owned companies such as Sinopec and CNPC operated. The spokesperson for the Chinese Ministry of Foreign Affairs, Guo Jiakun, stated that China's legitimate rights and interests in Venezuela must be protected, noting that cooperation between the two countries is protected by international law and the laws of both countries.
China has maintained significant interests in the Venezuelan oil sector for years, with state-owned companies involved in exploration and production projects within the framework of the close economic relationship developed between Beijing and Caracas during the governments of the United Socialist Party of Venezuela.
