China dealt blow as US-backed firm takes over Venezuelan oilfields

A US-backed company’s takeover of Venezuelan oilfields, some of which were previously managed by Chinese firms, has dealt a blow to Beijing’s oil-backed loans and yuan trade networks, analysts say. Through North American Blue Energy Partners (NABEP), a private company, the White House said the US had secured access to oilfields with 65 billion barrels of proven reserves in Venezuela – around one-fifth of the Latin American country’s total supply – including sites previously operated by Chinese..