Oil giant tells Trump it’s ‘too expensive’ to reinvest in Venezuela despite president’s urging
Oil chief rejects Trump’s push to return to Venezuela
- TotalEnergies' CEO, Patrick Pouyanne, stated that returning to Venezuela is "too expensive and too polluting," confirming the French multinational energy company's decision not to resume operations there.
- The company had withdrawn from Venezuela in 2022 but faced pressure from Trump to return following U.S. military operations to capture Nicolas Maduro on January 3.
- Trump had urged U.S. energy firms to invest $100 billion to rebuild Venezuela's oil industry, promising support and claiming past issues were due to his absence.
- Pouyanne's remarks follow previous caution, and Trump also threatened Exxon Mobil for its CEO's similar reservations about investing in the country.
- Trump has been accused of plotting to seize Venezuela's oil reserves, with plans to control sales proceeds in U.S.-controlled accounts, a strategy criticized by figures such as Senator Elizabeth Warren.
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