Trump may block Exxon from Venezuela after CEO calls country 'uninvestable'

Donald Trump said he might block ExxonMobil from investing in Venezuela after Exxon chief executive Darren Woods told the president the country was "uninvestable" during a White House meeting last week. Woods told Trump that Venezuela would need to change its laws before it could be an attractive investment, speaking at a Friday meeting that included at least 17 other oil executives.

Trump had urged the group to spend $100bn to revitalise Venezuela's oil industry in a meeting held less than a week after US forces captured and removed Venezuelan president Nicolás Maduro from power in a brazen overnight raid. "I didn't like Exxon's response," Trump told reporters on Air Force One on Sunday, adding: "I'll probably be inclined to keep Exxon out.

I didn't like their response. They're playing too cute." Exxon did not immediately respond to a request for comment. Woods told Trump the company had had its assets seized twice and said re-entering would require "pretty significant changes"; he said durable investment protections and reform of the hydrocarbons law were needed.

ConocoPhillips chief executive Ryan Lance told Trump his company was the largest non-sovereign credit holder in Venezuela and called for a restructuring of the debt and the country's energy system. Court rulings show Venezuela now owes over $13bn collectively to ConocoPhillips and Exxon for past expropriations.

Key Topics

Politics, Donald Trump, Venezuela, Exxonmobil, Darren Woods, Nicolás Maduro