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President Donald Trump suggested the US may subsidize efforts by energy companies to rebuild Venezuela\u2019s oil industry as his administration seeks to convince firms to invest in the country days after ousting strongman Nicol\u00e1s Maduro.<\/p>\n
Trump said the project to have US oil industry companies expand their operations in the country could be \u201cup and running\u201d in less than 18 months, in an interview Monday\u00a0with NBC News\u00a0\u2014 a timeframe starkly at odds with estimates from energy industry experts, while oil companies have been largely silent about their willingness to reinvest in Venezuela.<\/p>\n
\u201cI think we can do it in less time than that, but it\u2019ll be a lot of money,\u201d Trump told NBC. \u201cA tremendous amount of money will have to be spent and the oil companies will spend it, and then they\u2019ll get reimbursed by us or through revenue.\u201d<\/p>\n
The comments underscore the administration\u2019s view that Venezuela\u2019s vast oil reserves are central to both its recovery and US strategic interests. Yet Trump has offered few specifics on how production would be restored or who would control revenues in the interim.\u00a0<\/p>\n
Asked if he had spoken to top executives at Exxon Mobil Corp., Chevron Corp. and ConocoPhillips, Trump said it was \u201ctoo soon\u201d to reveal whether he had any conversations, adding: \u201cI speak to everybody.\u201d<\/p>\n
US Energy Secretary Chris Wright plans to talk this week with oil-industry executives, according to people familiar with the matter. Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami this week that executives from Chevron, ConocoPhillips and other companies are scheduled to attend.<\/p>\n
Earlier:\u00a0Trump\u2019s Energy Boss to Meet with Oil Companies on Venezuela<\/p>\n
Years of corruption, underinvestment, fires and thefts have left Venezuela\u2019s crude facilities in tatters. Large oil companies have said\u00a0little\u00a0about their desire to resume operations there and energy experts say reviving Venezuela\u2019s oil industry could be a decade-long process and could cost upwards of $100 billion. Chevron is the only oil supermajor still operating in Venezuela.<\/p>\n
Trump did not detail how much he thought an effort to rebuild and expand Venezuela\u2019s oil infrastructure could cost, according to NBC News, saying only that \u201cIt\u2019ll be a very substantial amount of money will be spent.\u201d<\/p>\n
The US president also said he foresaw expanded energy flows from Venezuela helping to \u201creduce oil prices.\u201d\u00a0<\/p>\n
\u201cHaving a Venezuela that\u2019s an oil producer is good for the United States because it keeps the price of oil down,\u201d Trump said.<\/p>\n
The president has sought to convince voters ahead of this year\u2019s crucial midterm elections that his administration is working to address pocketbook issues, although concerns about affordability have largely centered around costs for groceries and housing.<\/p>\n
Earlier:\u00a0Trump\u2019s Venezuela Oil Revival Plan Is a $100 Billion Gamble<\/p>\n
Trump\u2019s remarks come as he faces skepticism over his audacious military intervention in Venezuela, which resulted in the capture of Maduro.\u00a0<\/p>\n
The US president has said the raid was necessary to apprehend a man American authorities have accused of running a drug-trafficking operation and to retake oil assets. Opponents said the US may have broken international law, while warning Trump doesn\u2019t have congressional or public approval for the US taking on a nation-building project.<\/p>\n
A defiant Maduro was arraigned in New York on Monday and pleaded not guilty to drug and weapons charges, saying he was an \u201cinnocent\u201d and \u201cdecent man.\u201d\u00a0<\/p>\n
Read more:\u00a0Trump\u2019s Ousting of Maduro Shows His New World Order Is Here\u00a0<\/p>\n
The US president on Monday said Delcy Rodriguez, who served as Maduro\u2019s vice president and was sworn in as acting president following his removal, had been cooperating with his administration, and downplayed the prospect of quick elections in the country.<\/p>\n
\u201cWe have to fix the country first. You can\u2019t have an election. There\u2019s no way the people could even vote,\u201d Trump said, according to NBC, when asked about a vote within the next month.\u00a0<\/p>\n
\u201cNo, it\u2019s going to take a period of time. We have \u2014 we have to nurse the country back to health,\u201d Trump said.<\/p>\n<\/div>\n
#Trump #tells #NBC #U.S #reimburse #firms #Venezuela #oil #efforts<\/p>\n","protected":false},"excerpt":{"rendered":"
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