UPDATE: At a regular press briefing Wednesday, China's foreign ministry denied the Wall Street Journal report alleging that Chinese officials had met in Washington with figures from Venezuelan's opposition.

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Chinese diplomats have held debt negotiations in Washington in recent weeks with representatives of Juan Guaido, the Venezuelan opposition leader seeking to oust President Nicolas Maduro, the Wall Street Journal reported, quoting anonymous sources.

The talks have centered around how China can protect its future oil projects in the South American country and the estimated $20 billion that it owes Beijing, the Journal reported. Venezuela is home to the world’s largest oil reserves. New U.S. sanctions have cut off one of the last major sources of income for the country, leaving Maduro increasingly desperate. After Maduro took power in 2013, oil production plummeted and the economy began to shrink.

The talks are a sign of growing apprehension that Maduro may not last, the Journal reported. China does not want to take a significant loss on its loans, and the two sides have been discussing grace periods on repayment plans in the case of a transitional government, sources told the Journal. If Guaido were to come to power, China could benefit from increased flows of Venezuelan oil if U.S. sanctions were lifted. Guaido would also likely seek large-scale reconstruction projects that will need countries with deep pockets to help — such as China.

On Feb. 1, China’s Foreign Ministry Spokesman Geng Shuang said at a press conference that “China maintains close communication with all parties.” The China-Venezuela relationship, which flourished under socialist president Hugo Chavez in the 2000s, “should not be damaged,” Geng said.

Related: Venezuela’s Young Contender Eyes China Reset as Beijing Seeks Dialogue