US President Donald Trump may block ExxonMobil from investing in Venezuela after the oil company's CEO said during a White House meeting last week that it is not possible to invest in the country. Trump made the statement Monday night aboard Air Force One.
- I didn't like Exxon's response. I would probably be inclined to keep Exxon out. I didn't like their response. They are playing too smart, says Trump.
Exxon CEO Darren Woods told Trump on Friday that Venezuela needs to change its laws before it can become attractive to invest in. The meeting was attended by at least 17 other oil company executives, where Trump had urged the group to invest $100 billion in reviving Venezuela's oil industry.
This happened less than a week after the US military had seized and removed Venezuelan President Nicolás Maduro from power.
Woods: Need for reforms in Venezuela
At the meeting, Woods expressed the need for major reforms in Venezuela before the company is ready to return to the South American country.
- We have had our assets seized there twice, and you can imagine that going in a third time would require some pretty significant changes, he said.
- If we look at the legal and commercial structures and frameworks that are in place in Venezuela today, it is not possible to invest there, Woods added.
Trump has made no secret of the fact that control of Venezuela's oil was a central part of the reason for the military action. Nor did ConocoPhillips commit to operating in Venezuela at Friday's meeting.
Exxon did not immediately respond to Reuters' requests for comment.
Chevron is currently the only U.S. company licensed to operate in Venezuela. ExxonMobil and ConocoPhillips pulled out in 2007 after refusing demands from then-President Hugo Chávez to cede majority control to the state.
/ritzau/Reuters
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