(World Oil) – Chevron Corp., the only major U.S. oil company left in Venezuela, wants to remain in the sanctioned country for the long-term and sees a role in rebuilding its economy when the time is right.
“The kinds of swings that you see in places like Venezuela are challenging but we play a long game,” Chief Executive Officer Mike Wirth said at the U.S.-Saudi Investment Forum in Washington DC on Wednesday.
U.S. President Donald Trump is ramping up pressure on Venezuela’s socialist leader Nicolas Maduro by encircling the South American nation with warships. The show of force designed to combat alleged drug trafficking is prompting holders of Venezuelan bonds to envision an investor-friendly successor government that will expand access to the country’s oil reserves, which are the largest in the world.
“Venezuela is blessed with a lot of geologic resource and bounty,” Wirth said. “We are committed to the people of the country and would like to be there as part of rebuilding of Venezuela’s economy in time when circumstances change.”
