New York, Jan 12 (PTI) – US President Donald Trump on Friday said he is “inclined” to keep ExxonMobil out of Venezuela after the oil giant’s CEO described the country as “uninvestable,” following a high-level White House meeting on Venezuela’s oil future.
Trump chaired a meeting with major oil and gas executives to discuss plans for tapping Venezuela’s vast oil reserves after the ouster of former president Nicolás Maduro.
“No, I didn’t like Exxon’s response. You know, we have so many that want it, and I’d probably be inclined to keep Exxon out. I didn’t like their response. They’re playing too cute,” Trump told reporters aboard Air Force One while travelling from Florida to Washington DC.
During the meeting, ExxonMobil CEO Darren Woods said Venezuela’s current legal and commercial environment makes investment impossible.
“If we look at the legal and commercial constructs and frameworks in place today in Venezuela, it’s uninvestable,” Woods said. “Significant changes have to be made to those commercial frameworks, the legal system. There has to be durable investment protection, and there has to be a change to the hydrocarbon laws.”
Woods added that Exxon had not operated in Venezuela for nearly 20 years, but expressed optimism that reforms could be implemented with cooperation between the Trump administration and the Venezuelan government.
“We think it’s absolutely critical in the short term that we get a technical team in place to assess the current state of the industry and the assets,” he said, adding that Exxon was ready to deploy personnel “with the invitation of the Venezuelan government and appropriate security guarantees.”
According to a CNN report, several other energy executives echoed Exxon’s caution, warning that companies would require strong security, legal and financial guarantees before committing to what would be a multi-year effort to revive oil production in the country.
Category: Breaking News
SEO Tags: #swadesi, #News, Trump ‘inclined’ to keep ExxonMobil out of Venezuela after CEO calls it ‘uninvestable’