US Not 'Stealing Venezuelan Oil,' Energy Secretary Insists
Wright said the oil deal would revive idle reserves and fund reforms as Venezuela prepares for elections, with Caracas projecting $209 billion over 25 years.
- Energy Secretary Wright defended the Washington-backed oil accord in Caracas on Sept 2, rejecting accusations that The United States is 'stealing Venezuelan oil' while citing projected earnings of US$209 billion over 25 years.
- The United States gains majority control of more than 65 billion barrels of oil, nearly 20 per cent of Venezuela's proven reserves, transforming idle assets into revenue-generating operations for the Venezuelan government.
- Wright announced a five-year plan to restore Venezuela's electricity sector using 'existing infrastructure,' essential for oil production to meet revenue targets amid daily power cuts across the country.
- Institutional reforms including an overhaul of Venezuela's Supreme Court must precede elections, Wright said, as the country requires stabilization before a popular vote can occur.
- Amid Washington-backed talks between the interim government led by Delcy Rodriguez and opposition groups, President Donald Trump rebuffed calls for elections on Sept 2, stating 'I just don't think they're ready yet.
21 Articles
21 Articles
The contract signed with Venezuela's interim president, Delcy Rodríguez, gives Washington majority control of 65 billion barrels.
U.S. Secretary of Energy Chris Wright has confirmed that Venezuelan resources and oil belong to the Venezuelan people, denying Washington's quest for "the theft of Venezuelan oil."
Sapo
SIC NotíciasChris Wright defended an agreement in which Venezuela began to take advantage of an asset "unused, which renders nothing to the Venezuelan people", he announced contracts for energy and hydrocarbons and stressed the need to stabilize the country before the elections.
The Secretary of Energy of the United States denied on Wednesday that the country is " stealing Venezuelan oil", after criticism of the "historic" agreement between the two nations, which includes the exploitation of 20% of Venezuela's reserves. The President of the United States, Donald Trump, announced on August 28 that he had reached an agreement with Caracas, by which Washington will assume the majority control of more than 65 billion barrel…
US not 'stealing Venezuelan oil', energy secretary insists
US Energy Secretary Chris Wright says that while private oil companies are bringing money to produce the oil, "the benefits, the royalties and the taxes all go to the government of Venezuela and the people of Venezuela".
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