US Grab of Venezuela Denies China Oil, Billions in Debt Payments
U.S. officials say new oil projects will raise output while leaving China with no claim on revenue from future Venezuelan production.
- On Wednesday, U.S. Energy Secretary Chris Wright declared in Caracas that China will have no claims to revenue from new Venezuelan oil production, severing the primary channel for historical debt repayments.
- Between 2000 and 2018, China structured about $95 billion in oil-backed repayment arrangements through PDVSA, according to AidData records showing $105.59 billion in total Chinese loan commitments to Venezuela.
- Following President Donald Trump's August 28 announcement, Venezuela granted North American Blue Energy Partners 100-year concessions covering 17 oil fields with about 65 billion barrels of proven reserves.
- Restricting China's participation, the Treasury's Office of Foreign Assets Control limited new oil ventures, prompting Chinese Foreign Ministry spokesman Guo Jiakun to demand protection for Beijing's 'lawful rights and interests' on September 3.
- Washington now aims to restructure Venezuela's outstanding debt while partnering with Chevron, Eni, and GE Vernova on projects intended to double Venezuelan oil production in less than five years.
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12 Articles
China Demands Respect for Venezuela Investments Amid Oilfield Transfers to US-Controlled Operator
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.” The Chinese government has called for its “legitimate rights and interests” in Venezuela to be protected following reports that joint ventures involving Chinese firms are set to be displaced by a US-backed corporation. “China-Venezuela cooperation is protected by international law and t…
After announced plans to control more than 65 billion barrels of Venezuela's oil reserves, the Trump administration has made it clear that this is only the beginning. A campaign to exclude China and powers like Russia, described by the White House as [...] America's control of Venezuela's oil threatens the billions of dollars due to China written in the Stock Exchange.
The recent signing of energy agreements between the Venezuelan government and U.S. corporations has generated a realignment in the structure of strategic alliances in the South American country.
Donald Trump stated that US control over Irana had been imposed on me at once on the scale of six thousand standings, calling it a lush conflict.
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