As part of a week-long charm campaign to convince America’s biggest oil companies to return to Venezuela, President Donald Trump is scheduled to meet with Big Oil executives on Friday. The oil industry has voiced grave doubts about spending tens of billions of dollars over ten years to rebuild Venezuela’s oil infrastructure. According to those involved with the behind-the-scenes planning, top oil executives at the White House meeting intend to avoid making any specific investment guarantees, claiming Venezuela is currently too volatile to justify rushing back in.
One of those involved in the industry’s preparations for the White House meeting stated, “They’re making this up as they go along.” However, under the right circumstances, oil corporations might be open to reconsidering, as the nation’s enormous oil reserves offer significant financial potential.
The state-run oil corporation Petróleos de Venezuela, SA, or PDVSA, has been actively involved by the Venezuelan military. Theft of the nation’s energy infrastructure has been widespread. Oil executives have already told Trump authorities that the nation has a history of hostage-taking and that locals might not be amenable to foreign corporations stealing its natural resources.
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