The South American country\u2019s interim president, Delcy Rodriguez, recently signed legislation inviting foreign investment in Venezuela\u2019s energy sector<\/p>\n
US President Donald Trump has said that American oil companies are going to Venezuela in light of the South American country\u2019s latest push to incentivize foreign investment in its energy sector.
\nIn early January, US commandos conducted a raid on the Venezuelan capital, Caracas, abducting President Nicolas Maduro and his wife. The couple was flown to New York to stand trial on drug trafficking charges, to which both have pleaded not guilty. Trump has since demanded \u201ctotal access\u201d to Venezuela\u2019s oil.
\nSpeaking during a cabinet meeting on Thursday, the US president said that his administration was \u201cgetting along really well\u201d with Venezuelan Interim President Delcy Rodriguez, and the country\u2019s leadership.
\n\u201cWe\u2019re working\u2026 on the oil. We have the major oil companies going to Venezuela now, scouting it out and picking their locations,\u201d Trump stated.
\nTrump\u2019s remarks coincided with the issuing of a general license by the Department of the Treasury\u2019s Office of Foreign Assets Control that authorized the \u201clifting, exportation, re-exportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan origin oil, including the refining of such oil\u201d by companies under certain conditions.<\/p>\n
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Also on Thursday, Rodriguez signed the reform to the Organic Hydrocarbons Law with a view to incentivizing private and foreign investment in the country\u2019s decrepit energy sector. Earlier in the day, Rodriguez held a phone conversation with Trump.
\nVenezuela, which holds the world\u2019s largest proven oil reserves at about 303 billion barrels, nationalized US companies\u2019 assets in the 2000s during the presidency of socialist Hugo Chavez. Washington responded by imposing crippling sanctions on Venezuela\u2019s oil industry.
\nThe US president has recently urged US energy companies to invest into reviving the sector. However, Exxon CEO Darren Woods has poured cold water on the idea, saying that the South American country is \u201cuninvestable,\u201d given the \u201ccommercial constructs and frameworks in place\u201d there at present. He added that \u201cdurable investment protections\u201d are the prerequisite to any long-term involvement.
\nRussia, along with many other BRICS and Global South nations, has strongly condemned the abduction of the Venezuelan president by US forces.
\nRussian Ambassador to the UN Vassily Nebenzia has described Washington\u2019s actions as \u201cinternational banditry\u201d driven by a desire to gain \u201cunlimited control over natural resources.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The South American country\u2019s interim president, Delcy Rodriguez, recently signed legislation inviting foreign investment in Venezuela\u2019s energy sector US President Donald Trump has said that American oil companies are going…<\/p>\n","protected":false},"author":1,"featured_media":27862,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-27861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/27861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27861"}],"version-history":[{"count":0,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/27861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/media\/27862"}],"wp:attachment":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}