U.S. OIL FIRMS DEMAND GUARANTEES BEFORE INVESTING IN VENEZUELA
Read Time:1 Minute, 34 Second
By: Balogun Ibrahim
Trump is expected to hold talks with chief executives of major oil companies at the White House on Friday, focusing on strategies to boost Venezuela’s oil output. Representatives from Exxon Mobil, ConocoPhillips and Chevron are billed to attend the meeting.
U.S. oil companies are seeking “strong guarantees” from Washington before committing significant investments in Venezuela, as President Donald Trump presses them to support his push to reshape global energy markets, The Media reported on Wednesday.
U.S. officials on Wednesday held discussions with senior energy executives in Miami, according to The Media, which cited sources familiar with the talks.
The meeting comes amid ongoing negotiations between Washington and Caracas over the potential supply of up to 50 million barrels of Venezuelan crude to the United States, as President Donald Trump continues to urge American oil firms to invest in the South American nation’s energy sector.
Trump is also expected to meet with the chief executives of major oil companies at the White House on Friday to explore options for boosting Venezuela’s oil production. Representatives from Exxon Mobil, ConocoPhillips and Chevron are expected to attend, Reuters reported.
Chevron, Exxon Mobil and ConocoPhillips had not immediately responded to Reuters’ requests for comment on The Media report.
The meeting of executives is expected to put pressure on President Trump to secure robust legal and financial guarantees from Washington before U.S. oil firms commit capital to investing in Venezuela, The Media reported.
In recent weeks, White House and State Department officials have privately told U.S. oil executives that they would need to return to Venezuela quickly and commit substantial capital to revive the country’s struggling oil industry if they hope to receive compensation for assets that were expropriated there about two decades ago.
The Media, however, noted that it was unable to immediately verify the report.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0