U.S. Energy Secretary: China Will Not Claim Repayment from Venezuela's Oil Revenue
According to Bloomberg, U.S. Energy Secretary Chris Wright stated that China will not make any debt claims on the revenue generated by Venezuela's increased oil production. It is expected that Venezuela's oil output will grow rapidly following a series of agreements signed with Western companies.
Bloomberg cited Wright as saying: "China will not make any debt claims regarding the revenue from Venezuela's additional oil production."
The energy secretary, currently visiting Caracas, is expected to announce over a dozen agreements on Wednesday, which will allow companies from the United States and other countries to participate in developing Venezuela’s oil fields.
He added: "Efforts are underway to restructure Venezuela’s debt."
China is Venezuela’s largest sovereign creditor, and Caracas has traditionally repaid its debts to Beijing through oil shipments.
Original article: toutiao.com/article/1875279029796864/
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