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Trump Says U.S. Oil Giants Now Scouting Venezuela
(MENAFN) US President Donald Trump announced Saturday that American petroleum corporations are deploying to Venezuela following the South American nation's aggressive campaign to attract foreign capital into its energy infrastructure.
In early January, US special operations forces executed a military incursion on Venezuelan capital Caracas, seizing President Nicolas Maduro and his spouse. The couple was transported to New York to face drug trafficking allegations, charges both have categorically denied. Trump has subsequently demanded "total access" to Venezuela's petroleum reserves.
During a cabinet session Thursday, the US president said that his administration was "getting along really well" with Venezuelan Interim President Delcy Rodriguez, and the country's leadership.
"We're working… on the oil. We have the major oil companies going to Venezuela now, scouting it out and picking their locations," Trump stated.
Trump's comments aligned with the Department of the Treasury's Office of Foreign Assets Control issuing a general license authorizing the "lifting, exportation, re-exportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan origin oil, including the refining of such oil" by corporations under specified parameters.
Also Thursday, Rodriguez signed reforms to the Organic Hydrocarbons Law aimed at stimulating private and international investment in the country's deteriorating energy apparatus. Earlier that day, Rodriguez conducted a telephone discussion with Trump.
Venezuela—possessing the planet's largest confirmed oil deposits at approximately 303 billion barrels—nationalized US corporate assets during the 2000s under socialist President Hugo Chavez. Washington retaliated by implementing devastating sanctions targeting Venezuela's petroleum industry.
The US president has recently pressured US energy firms to invest in resurrecting the sector. However, Exxon CEO Darren Woods has poured cold water on the idea, saying that the South American country is "uninvestable," given the "commercial constructs and frameworks in place" there at present. He added that "durable investment protections" are the prerequisite to any long-term involvement.
Russia, alongside numerous BRICS and Global South nations, has vehemently condemned the abduction of the Venezuelan president by US forces.
Russian Ambassador to the UN Vassily Nebenzia has described Washington's actions as "international banditry" driven by a desire to gain "unlimited control over natural resources."
In early January, US special operations forces executed a military incursion on Venezuelan capital Caracas, seizing President Nicolas Maduro and his spouse. The couple was transported to New York to face drug trafficking allegations, charges both have categorically denied. Trump has subsequently demanded "total access" to Venezuela's petroleum reserves.
During a cabinet session Thursday, the US president said that his administration was "getting along really well" with Venezuelan Interim President Delcy Rodriguez, and the country's leadership.
"We're working… on the oil. We have the major oil companies going to Venezuela now, scouting it out and picking their locations," Trump stated.
Trump's comments aligned with the Department of the Treasury's Office of Foreign Assets Control issuing a general license authorizing the "lifting, exportation, re-exportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan origin oil, including the refining of such oil" by corporations under specified parameters.
Also Thursday, Rodriguez signed reforms to the Organic Hydrocarbons Law aimed at stimulating private and international investment in the country's deteriorating energy apparatus. Earlier that day, Rodriguez conducted a telephone discussion with Trump.
Venezuela—possessing the planet's largest confirmed oil deposits at approximately 303 billion barrels—nationalized US corporate assets during the 2000s under socialist President Hugo Chavez. Washington retaliated by implementing devastating sanctions targeting Venezuela's petroleum industry.
The US president has recently pressured US energy firms to invest in resurrecting the sector. However, Exxon CEO Darren Woods has poured cold water on the idea, saying that the South American country is "uninvestable," given the "commercial constructs and frameworks in place" there at present. He added that "durable investment protections" are the prerequisite to any long-term involvement.
Russia, alongside numerous BRICS and Global South nations, has vehemently condemned the abduction of the Venezuelan president by US forces.
Russian Ambassador to the UN Vassily Nebenzia has described Washington's actions as "international banditry" driven by a desire to gain "unlimited control over natural resources."
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