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US oil giant ExxonMobil tells Donald Trump Venezuela is ‘uninvestable’ - FT

Darren Woods, chief executive of the biggest US oil major, struck a sceptical tone at a televised White House gathering of energy bosses on Friday — even as some other companies expressed optimism about the potential to tap the world’s biggest oil reserves. 

 “If we look at the legal and commercial constructs, frameworks in place today in Venezuela, today it’s uninvestable,” Woods told Trump in a meeting that included many of America’s most prominent energy executives and some of the president’s top lieutenants. 

 “Significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections, and there has to be change to the hydrocarbon laws in the country.” 

 Woods said the company’s assets in Venezuela had been seized twice since Exxon first entered the country in the 1940s.

 US oil giant ExxonMobil tells Donald Trump Venezuela is ‘uninvestable’

 

 

 

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