Trump demands $100 billion investment in Venezuelan oil: Exxon calls the country "uninvestable"
Kyiv • UNN
Donald Trump has called on oil companies to invest $100 billion in Venezuela, but Exxon considers the country uninvestable due to a lack of legal guarantees. The US plans to control the distribution of revenues from Venezuelan oil.
During a Friday meeting at the White House, US President Donald Trump called on oil industry leaders to invest at least $100 billion in restoring Venezuela's energy infrastructure. Despite Washington's ambitious plans, executives of major corporations expressed caution, citing a lack of legal guarantees. This is reported by BBC, writes UNN.
Details
The most resonant statement came from Exxon CEO Darren Woods. He reminded that the Venezuelan government had twice confiscated the company's assets, and the total debt to Exxon amounts to about $12 billion.
“As of today, it is not suitable for investment. Our third return to this market will require significant changes in the legal system and commercial structures compared to what we have seen historically,”
Trump's Plan to Control Resources
Donald Trump emphasized that his administration plans to personally control the distribution of revenues from Venezuelan oil. He assured investors that they would deal exclusively with the US government, not with Caracas.
In addition to American Chevron and ConocoPhillips (to which Venezuela owes $9 billion), representatives of European Repsol, Eni, and Shell were present at the meeting.
Although no company made immediate financial commitments, Trump expressed confidence that capital would arrive "very quickly." Currently, only Chevron continues limited operations in the country, while other players are awaiting new hydrocarbon laws that the White House, in cooperation with the Venezuelan transitional authorities, promises to develop.