Friday, Chairman Donald Trump urged US oil industry leaders to commit $100 billion to rebuild Venezuela’s devastated petroleum sector following the elimination of the oil industry Nicholas Maduro.
Trump makes oil investments while Venezuela waits for reconstruction
During a meeting at the White House with executives from ExxonMobil (NO Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) and other energy companies, Trump said Venezuela needs a dramatic overhaul.
“American companies will have the opportunity to rebuild Venezuela’s decaying energy infrastructure and ultimately increase oil production to levels never seen before,” Trump said.
He told industry leaders that investments would be protected by the US rather than being subject to Venezuelan legal uncertainties. “You have total security … you are dealing directly with us and not with Venezuela at all,” Trump added.
Earlier this week, Sen Elizabeth Warren (D-Mass.) said top oil industry officials appear to know more about Trump’s intentions for Venezuela than the general public.
While Trump pushed for bold commitments, some oil executives emphasized caution. CEO of ExxonMobil Darren Woods said Venezuela remains “uninvestable” without major legal and commercial reforms.
Chevron, the only major company currently operating there, said it sees the potential to increase production by about 50% if conditions allow.
Greenland: a strategic flashpoint
Trump also reiterated his intention to pursue control of Greenland, an autonomous Danish territory in the Arctic.
“If we don’t take Greenland, you will have Russia or China as a neighbor. That’s not going to happen,” he said.
Previously, Denmark and other NATO allies have rejected any transfer of sovereignty, insisting that Greenland’s future rests solely with its people and Copenhagen.
Price promotion: Exxon Mobil shares rose 1.38% on Friday, Chevron rose 1.80% while ConocoPhillips fell 1.23% in the same period, according to Benzinga Pro.
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