Trump promises oil companies total safety' in Venezuela as he urges them to invest billions

"Donald Trump promised oil giants total safety, total security in Venezuela in an effort to persuade them to invest $100bn in the country's infrastructure after US forces toppled Nicolas Maduro from power. At a roundtable press conference at the White House on Friday afternoon with more than a dozen oil executives, including leaders from Chevron, ExxonMobil and ConocoPhilips, the US president doubled down on claims that Maduro's arrest presents American oil companies with an unprecedented opportunity for extraction."

"Earlier this week, the president suggested production in Venezuela could be boosted within 18 months. We're going to be extracting numbers in terms of oil like few people have seen, he said on Friday, emphasizing that the US stands to benefit from lower energy prices. Venezuela is going to be very successful, and the people of the United States are going to be big beneficiaries."

"Notably, Trump said the investment would be coming from the oil companies, not the federal government. Earlier in the week, he had suggested that the US taxpayer might fund their investments. The plan is for them to spend, meaning our giant oil companies will be spending at least $100bn of their money, not the government's money, Trump said. They don't need government money, but they need government protection and government security."

Donald Trump offered US oil companies total safety and security in Venezuela and urged them to invest at least $100bn in the country's infrastructure following Nicolas Maduro's removal. He described Maduro's arrest as creating an unprecedented extraction opportunity and predicted production increases within 18 months. More than a dozen executives, including leaders from Chevron, ExxonMobil and ConocoPhilips, attended and many expressed support or readiness to invest. Analysts expressed skepticism about the speed and scale of such investment. Trump clarified that funds should come from oil firms, not the federal government, while asserting companies would require government protection and security.

Read at www.theguardian.com