The oil company ExxonMobil reminded U.S. President Donald Trump this Friday that it has been expropriated twice in Venezuela, and stated that the country remains unviable for investment.
These statements emerged during a meeting at the White House with executives from major U.S. oil companies, including ExxonMobil, Chevron, and ConocoPhillips, to discuss the future of the energy sector in Venezuela and the investment plans following the fall of Nicolás Maduro.
The executive chairman of ExxonMobil, Darren Woods, was one of the keynote speakers at the meeting and recalled the company's tumultuous history with Chavismo, noting that the firm was expropriated twice by the Venezuelan regime.
"We have a long history in Venezuela. Our assets have been confiscated there twice. It is understandable that significant changes are required to return for a third time," Woods stated.
The executive added that Venezuela is currently a “non-investable” country, although he expressed optimism about Trump’s leadership and the efforts of the new interim Venezuelan government.
"Our philosophy is to have a stable long-term investment. It must benefit the people. Regarding Venezuela, we have been expropriated twice. If you look at the current legal situation in Venezuela, it is impossible to invest. Significant changes need to be made for it to be a lasting investment," he emphasized.
Nevertheless, he expressed a positive outlook regarding the White House's management: “With this administration and President Trump working hand in hand with the Venezuelan government, we trust that positive changes can be implemented,” he added.
The meeting at the White House focused on the reconstruction projects for the Venezuelan oil industry, which is undergoing a deep crisis after years of corruption, expropriations, and deterioration of its infrastructure.
Trump urged companies to "bet on Venezuela's energy revival," assuring that the United States will ensure the physical and financial security of investments in the South American country.
"The American companies will have the opportunity to rebuild the decaying energy infrastructure of Venezuela and increase oil production to unprecedented levels," declared the president at the beginning of the meeting, accompanied by Vice President J.D. Vance, Secretary of State Marco Rubio, and Secretary of the Interior Doug Burgum.
During the meeting, President Trump announced that the United States will receive 50 million barrels of Venezuelan crude oil as part of an agreement with the new authorities in Caracas, and that he expects the deliveries to continue “indefinitely.”
“One of the benefits for the United States will be having even lower energy prices,” assured the president, who also urged oil companies to invest “100 billion dollars” in the reconstruction of Venezuelan infrastructure.
Sources from Reuters confirmed that the White House is considering using the Export-Import Bank (Ex-Im Bank) to finance large investment projects in Venezuela, thereby reducing the financial risks for companies that choose to operate there.
While Chevron, the only American oil company still maintaining limited operations in Venezuela, expressed its willingness to increase investments under the new political scenario, other companies like ConocoPhillips and ExxonMobil remain cautious due to high costs and institutional instability.
“Companies are skeptical about the political stability and the costs of operating in Venezuela,” noted Reuters, citing industry sources.
The meeting marks a key step in Trump's strategy to control and reactivate Venezuelan oil production, in coordination with the new authorities in Caracas.
Since the capture of Nicolás Maduro by U.S. forces on January 3, the Trump administration has made oil the central focus of its policy towards Venezuela, aiming to ensure transparency, stability, and the return of foreign investment.
Trump stated that his goal is clear: "We need to get them to invest, recover their money as soon as possible, and then share the profits between Venezuela, the United States, and the companies. It's simple," he concluded.
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