US oil companies say investing in Venezuela is impossible

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US oil companies say investing in Venezuela is impossible
Photo: Alex Brandon/AP/TT

Leading US oil companies are hesitant to make the investments in Venezuela's oil industry that US President Donald Trump expects. The CEO of oil giant Exxon says it is currently impossible to invest in the country.

On Friday, Donald Trump gathered about 20 representatives of the US oil industry to agree to revive operations in Venezuela after the abduction of the country's leader, Nicolás Maduro.

Trump has previously promised massive US investments in Venezuela's battered oil industry. But oil industry representatives are not entirely on board with Trump's demand that they spend at least $100 billion on reconstruction.

That was expressed most clearly by Exxon CEO Darren Woods.

"If we look at the legal and commercial structures and frameworks that exist in Venezuela today, it is impossible to invest," Woods said, adding that his company's assets had been seized by the government in Caracas twice before.

During the meeting, Trump reportedly told the oil company representatives that they were interchangeable, Bloomberg reports.

"If you don't want to go in, just let me know, because I have 25 people who are not here today who are willing to take your places," the president said.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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