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Trump: Venezuela Oil Deal Could Be 'Greatest Ever Made'
(MENAFN) President Donald Trump declared Monday that Venezuela's untapped oil wealth amounted to "unbelievable value," following a newly finalized agreement between Washington and Caracas.
Speaking to reporters in the Oval Office, Trump said: "It was also a very good deal for Venezuela because you have the most powerful, the richest companies in the world going into Venezuela, where before it was just this unbelievable value that was sitting dormant."
"But we're going to be taking all of that. We're going to be taking that oil out," he added.
Trump said the entirety of the crude extracted would be routed to American refineries for processing, noting the specialized nature of US refining capacity for Venezuelan crude: "Our refineries are specifically meant for Venezuelan heavy oil. Heavy oil is good thing, not a bad thing."
He went on to note additional uses for the product: "It's good for other things. You know that heavy oil is good for asphalt, roadways, all of that."
Describing the scale of the arrangement, Trump called it "a deal that nobody's ever heard of, a deal like that. Maybe the greatest deal ever made."
He also predicted major benefits for American consumers, saying the deal would have "a tremendous impact" on fuel prices. "It's going to ultimately, prices are going to come down," he said.
Characterizing the current state of US-Venezuela relations as "great," Trump described the two nations as "a team in a sense."
"We're taking out millions and millions of barrels of oil, going to Houston, going to Louisiana, going to lots of different places in the United States and all over the world," he said, adding: "We're making a fortune, and they're making a fortune."
The agreement
Trump's comments followed Friday's announcement that Washington had secured majority control over 65 billion barrels of Venezuela's proven oil reserves.
Venezuelan Interim President Delcy Rodriguez — who took power in January after a US military operation resulted in the capture of Nicolas Maduro — confirmed the arrangement is set to run for 25 years.
According to Rodriguez, the deal covers development of 17 strategic oil fields and is projected to draw more than $100 billion in private investment while generating upward of $209 billion in tax revenue for Venezuela.
The pivot toward Venezuelan crude comes as the Strait of Hormuz — the world's busiest oil shipping corridor — remains effectively paralyzed amid an ongoing war with Iran that began February 28 and has since settled into a stalemate.
Speaking to reporters in the Oval Office, Trump said: "It was also a very good deal for Venezuela because you have the most powerful, the richest companies in the world going into Venezuela, where before it was just this unbelievable value that was sitting dormant."
"But we're going to be taking all of that. We're going to be taking that oil out," he added.
Trump said the entirety of the crude extracted would be routed to American refineries for processing, noting the specialized nature of US refining capacity for Venezuelan crude: "Our refineries are specifically meant for Venezuelan heavy oil. Heavy oil is good thing, not a bad thing."
He went on to note additional uses for the product: "It's good for other things. You know that heavy oil is good for asphalt, roadways, all of that."
Describing the scale of the arrangement, Trump called it "a deal that nobody's ever heard of, a deal like that. Maybe the greatest deal ever made."
He also predicted major benefits for American consumers, saying the deal would have "a tremendous impact" on fuel prices. "It's going to ultimately, prices are going to come down," he said.
Characterizing the current state of US-Venezuela relations as "great," Trump described the two nations as "a team in a sense."
"We're taking out millions and millions of barrels of oil, going to Houston, going to Louisiana, going to lots of different places in the United States and all over the world," he said, adding: "We're making a fortune, and they're making a fortune."
The agreement
Trump's comments followed Friday's announcement that Washington had secured majority control over 65 billion barrels of Venezuela's proven oil reserves.
Venezuelan Interim President Delcy Rodriguez — who took power in January after a US military operation resulted in the capture of Nicolas Maduro — confirmed the arrangement is set to run for 25 years.
According to Rodriguez, the deal covers development of 17 strategic oil fields and is projected to draw more than $100 billion in private investment while generating upward of $209 billion in tax revenue for Venezuela.
The pivot toward Venezuelan crude comes as the Strait of Hormuz — the world's busiest oil shipping corridor — remains effectively paralyzed amid an ongoing war with Iran that began February 28 and has since settled into a stalemate.
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