A few days after the attacks in Venezuela, US President Donald Trump urged executives of US oil companies to become massively involved in the South American country.
After a meeting with oil executives at the White House, he spoke of an agreement under which US oil companies would invest hundreds of billions of dollars in Venezuela. He didn’t get any more specific. At the beginning of the meeting, when the press was still there, Exxon boss Darren Woods said that the legal and economic conditions in Venezuela currently made investments impossible.
At the start of the meeting with the executives, Trump said that he wanted US oil companies to invest at least $100 billion in the South American country to boost oil production. “If you don’t want to take part, just let me know, because I have 25 people who are not here today who are ready to take your place,” said the US president. The US and Venezuela would “work very well together” to rebuild the South American country’s oil and gas infrastructure.
Trump: A lot of money will be made
At the end, Trump asked the press to leave the room and said he would begin negotiations with managers to reach a deal. He then spoke of a “great meeting” with the oil executives. “We’ve sort of made a deal. They’re going to invest hundreds of billions of dollars and produce oil – that’s good for Venezuela and great for the United States. There’s going to be a lot of money to be made.” However, Trump did not explain exactly what the deal with the oil managers was supposed to be.
Venezuela has the world’s largest oil reserves, estimated at 303 billion barrels (159 liters each). This is primarily heavy oil, which can only be refined using special technology – several refineries on the US Gulf Coast specialize in this. Despite its enormous reserves, Venezuela’s oil industry is ailing. According to experts, reconstruction will take years and require billions of euros in investments.
Repsol ready to invest in Venezuela
Spain’s largest oil and gas company Repsol declared its willingness to invest in Venezuela at a meeting of oil managers with US President Donald Trump. “We are ready to invest more in Venezuela and triple production there in the next two to three years,” said Repsol boss Josu Jon Imaz at the White House in Washington.
The Basque Country manager said Repsol’s current daily production in Venezuela was 45,000 barrels (159 liters each), as shown in a video of the meeting published by the Spanish newspaper “El País”. Repsol is active in Venezuela together with the Italian group Eni.
Just a few days after the attacks in Venezuela, Trump primarily urged managers of US oil companies as well as some foreign companies such as Repsol and Eni to become massively involved in the South American country. After the meeting, he spoke of an agreement under which US oil companies would invest hundreds of billions of dollars in Venezuela.
The Repsol share was temporarily trading 1.38 percent higher at 16.2200 euros in Madrid. In NYSE trading, Exxon Mobil shares are currently losing 0.82 percent to $123.59.
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WASHINGTON (dpa-AFX)
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