China’s Top Oil Firms Turn to Beijing for Guidance on Venezuela

Leading Chinese oil companies with interests in Venezuela have asked Beijing for guidance on how to protect their investments as Washington cranks up pressure on the Latin American country to increase its economic ties with the US.

State-owned firms led by China National Petroleum Corp. raised concerns this week with government agencies and sought advice from officials, in an effort to align their responses with Beijing’s diplomatic strategy and to salvage existing claims to some of the world’s largest oil reserves, according to people familiar with the situation. They asked not to be identified as the discussions are private.