Trump meeting with oil execs as he urges them to invest in Venezuela
President Donald Trump will meet with oil executives as his
administration looks to U.S. companies to rebuild Venezuela's
oil infrastructure under new leadership in the country after an
American military operation.
The meeting with take place at the White House on Jan. 9,
according to a White House official.
The U.S. captured Venezuelan President Nicolás Maduro in an
extraordinary move early Jan. 3, bringing him to New York City
to face drug-trafficking charges. Maduro pleaded not guilty in
federal court on Jan. 5. Delcy Rodríguez, who served as
Maduro's vice president, has been sworn in as the country's interim
president.
Trump has focused on Venezuela's oil resources in the aftermath
of the U.S. military operation. In a speech after Maduro was
captured, Trump said Venezuela "stole" American oil,
a claim some international energy law experts refute.
"We built Venezuela oil industry with American talent, drive and
skill," Trump said. "And the socialist regime stole it from us
during those previous administrations, and they stole it through
force. This constituted one of the largest thefts of American
property in the history of our country."
Venezuela has the largest oil reserves in the world and once had
multiple American oil companies operating there, but Chevron is
the only major U.S. oil company still there after former leader
Hugo Chávez pushed to nationalize the country's oil industry.
Now the administration is looking to entice American oil
companies to reinvest in Venezuela, which could be complicated
by the country's political instability and history of state control
over the oil industry.
Trump told NBC on Jan. 5 that it could take less than 18 months
to revive Venezuelan oil production, with the U.S. potentially
reimbursing American oil companies for their investment.
"A tremendous amount of money will have to be spent, and the oil
companies will spend it, and then they’ll get reimbursed by us,
or through revenue," Trump said.
