Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says

China Concord Resources Corporation has started developing two oilfields in Venezuela. The company plans to invest over one billion dollars. The aim is to produce 60,000 barrels of crude oil daily by the end of 2026. This project marks a significant investment by a private Chinese firm. It is happening despite international sanctions on Venezuela.

​China Concord Resources Corporation has started developing two oilfields in Venezuela. The company plans to invest over one billion dollars. The aim is to produce 60,000 barrels of crude oil daily by the end of 2026. This project marks a significant investment by a private Chinese firm. It is happening despite international sanctions on Venezuela.