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.Chinese foreign ministry spokesman Guo Jiakun has called on the US to honour Chinese rights and interests in Venezuela. Photo: dpaThe company is Venezuela’s second-largest private oil producer.