Washington, Jan 11, (dpa/GNA) – US President Donald Trump urged executives from major US oil companies, to step up investment in Venezuela during a meeting at the White House on Friday.
Speaking afterwards, Trump said US companies would invest hundreds of billions of dollars in Venezuela, without providing details. Earlier, with reporters present, Exxon chief executive Darren Woods said Venezuela’s legal and economic conditions currently made investment impossible.
At the start of the meeting, Trump told executives he wanted US oil companies to commit at least $100 billion to boost Venezuelan oil production. “If you don’t want to go in, just let me know, because I’ve got 25 people that aren’t here today that are willing to take your place,” Trump said.
He said the United States and Venezuela are “working well together” to rebuild the South American country’s energy infrastructure.
Trump later asked reporters to leave the room, saying he would begin negotiations with the executives. “We sort of formed a deal,” he said afterwards, calling the meeting “great.”
“They’re going to be going in with hundreds of billions of dollars in drilling oil, and it’s good for Venezuela and it’s great for the United States,” he said, without elaborating.
Venezuela possesses the largest oil reserves in the world, estimated at 303 billion industry-standard barrels, each containing 159 litres. This mainly consists of heavy oil, which can only be refined with special technology. Several refineries along the US Gulf Coast are equipped to process such oil.
GNA