Venezuela affirms respect for oil agreements with China and Russia

Venezuela's Minister of Hydrocarbons, Paula Henao, has affirmed that the country remains “very” respectful of existing oil agreements with China and Russia. This statement comes amid discussions regarding a new agreement between Caracas and Washington to exploit approximately one-fifth of Venezuela's crude reserves.

Henao clarified that joint ventures involving Chinese and Russian state companies are currently authorized to continue their primary activities. This follows concerns from China, which demanded that its legitimate rights and interests in Venezuela be safeguarded after reports suggested the bilateral deal with the United States might impact fields operated by companies such as CNPC and Sinopec.