Washington: US President Donald J. Trump convened with executives from leading US oil and gas companies at the White House to provide assurances regarding the security of their investments in Venezuela. The meeting aimed to strategize on revitalizing Venezuela's ailing oil industry, enhancing oil production for the benefit of the United States, Venezuela, and the global community. According to Kuwait News Agency, the discussions highlighted the potential for American companies to rebuild Venezuela's deteriorating energy infrastructure. President Trump emphasized the safety and security guarantees now in place, which previously hindered investment in Venezuela. He described the new environment as a "whole different Venezuela" with total security assurances. President Trump outlined plans for US oil companies to spend at least USD 100 billion to restore Venezuela's oil capacity and infrastructure. He noted that Venezuela has agreed to allow the United States to begin refining and selling up to 50 million barr els of Venezuelan crude oil immediately. This move is expected to utilize the US refining capacity tailored for Venezuelan heavy oil, particularly valued for asphalt production. The President stressed the importance of American companies working directly with the US government rather than dealing with Venezuela independently. He assured the executives that their investments would be protected and profitable, with significant returns anticipated. The initiative aims to position the United States and Venezuela as dominant players in the global oil market, controlling a significant portion of the world's oil resources.
