Washington, Jan 9 (.) US President Donald Trump met with executives from major US oil companies at the White House on Friday afternoon, as part of a move to push oil companies to invest in building infrastructure in Venezuela following the ouster of Nicolás Maduro.
Executives from Chevron, Exxon, ConocoPhillips and more than a dozen other firms were expected to meet the US President for the event in the White House East Room.
Secretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum were also to be in attendance, CBS news reported.
White House spokeswoman Taylor Rogers said the president and oil executives will be discussing “investment opportunities that will restore Venezuelan oil infrastructure.”
Trump has pitched Venezuela’s vast oil reserves as a way to financially fuel the country’s economic recovery — and deliver benefits for energy consumers and oil companies.
He told Fox News’ Sean Hannity in an interview that aired Thursday night that he’s expecting oil companies to spend at least $100 billion to “rebuild the whole oil infrastructure” in the South American country.
The talks come as the US has imposed a “quarantine” on Venezuelan oil in recent weeks, and also as American forces seized another oil tanker linked to the country on Friday, the fifth ship commandeered in the campaign.
Rubio said the quarantine gives the US “tremendous leverage” over Venezuela and that the US will soon begin selling up to 50 million barrels of sanctioned oil on the open market.
The US will control the proceeds, he added.
Earlier this week, White House press secretary Karoline Leavitt explained how the oil sales would work. Donald Trump has said Venezuela will turn over 30 million to 50 million barrels to the U.S. to be sold at market value. Proceeds from the sale of Venezuelan oil products will go to both Americans and Venezuelans “at the discretion of the United States government,” she said.
“The interim authorities have agreed to release that oil to the United States, so it will be arriving here at home very soon,” Leavitt said. “The United States government has already begun marketing Venezuelan crude oil in the global marketplace for the benefit of the United States, engaged the world’s leading commodity marketers, key banks to execute and provide financial support for these crude oil and crude product sales.”
“All proceeds from the sale of Venezuelan crude oil and products will first settle in U.S.-controlled accounts at globally recognized banks to guarantee the legitimacy and integrity of the ultimate distribution of proceeds,” she continued.
“And those funds will be dispersed for the benefit of the American people and the Venezuelan people at the discretion of the United States government.”
President Trump also announced in an early Friday morning Truth Social post that he has “cancelled the previously expected second Wave of Attacks” against Venezuela in light of the “cooperation” between the foreign nation and the U.S.
“Venezuela is releasing large numbers of political prisoners as a sign of ‘Seeking Peace.’ This is a very important and smart gesture. The U.S.A. and Venezuela are working well together, especially as it pertains to rebuilding, in a much bigger, better, and more modern form, their oil and gas infrastructure. Because of this cooperation, I have cancelled the previously expected second Wave of Attacks, which looks like it will not be needed, however, all ships will stay in place for safety and security purposes,” Trump said in the post.
He noted that he will meet with “BIG OIL” figures at the White House on Friday. “At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House. Thank you for your attention to this matter!” he declared in the post.
The president’s comments come after he unilaterally ordered an attack against Venezuela last week in which US forces successfully captured Nicolás Maduro.
On Wednesday, Trump noted in a Truth Social post, “I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal. These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities.”
“In other words, Venezuela is committing to doing business with the United States of America as their principal partner – A wise choice, and a very good thing for the people of Venezuela, and the United States. Thank you for your attention to this matter!” he added.
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