China has warned against U.S. interference with its interests in Venezuela following a major oil agreement between Washington and Caracas that gives the United States access to 17 strategic oil fields.
"Cooperation between China and Venezuela is protected by international law and the laws of both countries, has nothing to do with third parties and should not be subject to interference by any third party," Chinese Foreign Ministry spokesperson Mao Ning said Monday.
Mao added that China's "legitimate rights and interests" in Venezuela must be protected, according to comments reported by Global Times.
Her remarks follow an agreement announced by President Donald Trump and Venezuela's acting President Delcy Rodríguez involving fields with an estimated 65 billion barrels of oil. The plan calls for more than $100 billion in investment and could generate more than $209 billion in revenue for the Venezuelan government.
Rodríguez has maintained that Venezuela will retain ownership and sovereignty over its oil and said the agreement is intended to help the country become a major oil, gas and petrochemical producer. Venezuela is expected to receive $19 for each barrel sold under the arrangement.
The agreement has faced questions over its legality and feasibility. Economists cited by El País questioned whether the 17 fields can attract the investment and technology required to reach the production levels envisioned by the two governments.
"It's true that the oil is down there, but it does not meet the conditions required for extraction, and we have never recovered more than 8% of what is claimed to exist," economist Francisco Monaldi said. He added that Venezuela's oil industry has a history of ambitious agreements that never materialized.
China had previously objected to U.S. efforts to restrict its economic activity in Venezuela. In April, after the Treasury Department issued licenses permitting certain foreign investment in Venezuela's mineral sector while excluding China and several other countries, Mao said Beijing "firmly opposes" Washington imposing restrictions on China-Venezuela cooperation.
At the time, Mao called on the United States to lift its sanctions on Venezuela and said China's "lawful rights and interests" in the country must be safeguarded.
