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.
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WASHINGTON (dpa-AFX)
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