"Woods' sceptical remarks quickly emerged as the dominant headline, undercutting the White House's hopes of building momentum from its engagement with the world's most prominent oil executives. I didn't like Exxon's response, Trump told reporters on Air Force One on his way back to Washington on Sunday. I'll probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute."
"Exxon, ConocoPhillips and Chevron the three largest US oil producers were for decades the most prominent partners of Venezuela's state oil company PDVSA. The government of late president Hugo Chavez nationalised the industry between 2004 and 2007, and while Chevron negotiated deals to partner with PDVSA, ConocoPhillips and Exxon left the country and filed for prominent arbitration cases shortly after. Venezuela now owes over $13bn collectively to ConocoPhillips and Exxon for the expropriations, according to court rulings."
Donald Trump said he might block ExxonMobil from investing in Venezuela after Exxon chief executive Darren Woods described the country as uninvestable during a White House meeting. Woods told the president that Venezuela would need to change its laws and that durable investment protections and hydrocarbons law reform would be required. Trump had urged oil executives to invest $100bn to revitalise Venezuela's oil industry soon after US forces removed Nicolas Maduro. Woods' remarks undermined White House hopes of building momentum with major oil companies. Exxon, ConocoPhillips and Chevron previously partnered with PDVSA; ConocoPhillips and Exxon left after nationalisations and now have over $13bn owed from expropriations.
Read at www.theguardian.com
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