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Washington: US President Donald Trump on Friday will hold a meeting with top oil industry executives at the White House, seeking commitments of up to USD 100 billion in investment to help revive Venezuela’s beleaguered oil sector.
Trump made the announcement in a post on his social media platform Truth Social, stating, “At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House.”
According to CNN, the push is aimed at winning backing from firms including Chevron, ExxonMobil and ConocoPhillips for plans to rehabilitate Venezuela’s oil infrastructure.
The meeting comes amid a broader US strategy to capitalise on Venezuela’s vast crude reserves and reshape its energy landscape following Trump’s “large-scale strike” in the South American country on Saturday, which captured its leader, Nicolas Maduro and his wife, Cilia Flores.
Maduro and Flores were flown out of the country in a joint operation involving intelligence agencies and US law enforcement. They were indicted on charges of alleged “drug trafficking and narco-terrorism conspiracies” in the Southern District of New York and are currently facing trial.
Following this, Maduro’s longtime vice president, Delcy Rodriguez, was sworn in as the acting president on Monday, despite Trump saying, “We’re in charge,” after the operation, signalling that the US will closely monitor developments in Venezuela.
Trump had already stated on Tuesday that the interim authorities in Venezuela would turn over between 30 and 50 million barrels of sanctioned oil to the US and that while the oil will be sold at its market price, the money will be controlled by Trump to ensure it is used to benefit the people of Venezuela and the United States.
However, an industry source told CNN that the USD 100 billion figure was unexpected and not yet backed by concrete commitments, noting that it “could be…to pressure the industry.”
“We have no idea where this USD 100 billion figure is coming from… That’s the first we’ve seen of it. It could be that Trump is throwing this number out there to pressure the industry,” the source said, as quoted by CNN.
Many companies remain cautious about large-scale investments due to concerns over political instability, legal risks and the cost of rebuilding dilapidated facilities, CNN reported.
Executives have historically pointed to challenges in Venezuela’s oil business, citing decades of underinvestment, sanctions and uncertainty that have depressed output to a fraction of its former levels.
Despite Trump’s outreach to portray Venezuela as an economic opportunity, companies have largely refrained from making detailed investment pledges without formal contracts and legal protections, CNN reported.
President Donald Trump has no public appearances scheduled for today, but he is expected to hold a series of private meetings with senior administration officials and oil industry executives.
The engagement, which is closed to the press, is scheduled for 2:30 pm ET (1:00 am IST on Saturday), after which he will travel to Palm Beach, Florida, for the weekend, CNN reported. (ANI)
