The president and CEO of ExxonMobil, Darren Woods, assessed, in a meeting with the president of the United States (USA), Donald Trump, this Friday (9), that it is currently unfeasible to invest in the sector in Venezuela.
“If we analyze the legal and commercial structures in force today in Venezuela, we will see that the country is unviable for investment,” he stated. The diagnosis was made public in a post on the page of the largest oil company in the United States.
Woods told Trump that, to make actions possible in the country, significant changes need to be made to commercial structures and the legal system.
“There need to be lasting protections for investments, and the nation’s hydrocarbon laws need to be changed,” Woods said.
At the end of the letter, he opened up the possibility of, at the invitation of the Venezuelan government and with security guarantees, sending a team to the site.
“I believe we can contribute to bringing Venezuelan crude oil to the market and obtaining a fair price, thus helping to improve the country’s financial situation.”
Changes requested
The company president added, however, that there is confidence that the joint work of the US and Venezuelan governments will be able to implement changes.
“Regarding the Venezuelan government, we have no opinion,” he highlighted. He highlighted the biggest challenge in the case of resources.
“They are an important source of revenue that helps support people in the regions where we operate. And it has to be beneficial to people. We need to be welcome there — and be good neighbors.”
The oil company’s CEO reminded President Trump that the company first entered Venezuela in the 1940s and left 20 years ago.
“Our assets have been confiscated there twice. So you can imagine that a third entry would require pretty significant changes from what we’ve seen historically here and what the current situation is.”
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